ZURICH (Reuters) - Credit Suisse (CSGN.S) is placing asset management under the twin direction of its wealth management and Swiss banking divisions, it said on Sunday, announcing a further strategy rejig after a shake-up in October.
Switzerland’s second largest bank will create a joint venture in which international wealth management and its Swiss universal bank will hold equal roles in running the asset management department, a Credit Suisse spokeswoman said, confirming a report in the Swiss paper Schweiz am Sonntag.
Both of these divisions were created under Chief Executive Tidjane Thiam’s restructuring plan announced in October.
“Through the joint venture, we are acknowledging that asset management is on the one hand a global business, but on the other is deeply rooted in Switzerland,” spokesman Christoph Meier told the paper.
This would mean that Swiss investors such as pension funds and insurances could be serviced under one roof, Meier said.
The announcement marked a change of plans for asset management, which was placed exclusively under international wealth management in the October reorganization.
Reporting by Brenna Hughes Neghaiwi; Editing by Richard Balmforth