Credit Suisse mulls sale of US asset management business, investment bank chief Meissner set to depart in strategic revamp
- Bank has started the process to sell the US operations of Credit Suisse Asset Management to potential investors, people familiar said
- Investment banking chief Christian Meissner is set to depart as unit becomes the centre of turnaround restructuring
The Swiss banking group has recently begun a process to sell the US operations of Credit Suisse Asset Management (CSAM), according to people familiar with the matter, who asked to not be identified because the matter is not public. The unit is expected to draw interest from private equity firms, the people said. No final decision has been made and Credit Suisse could opt to hold onto the unit, the people said.
The departure of Christian Meissner, who has been focusing on the overhaul of the investment bank, is expected to be announced on October 27 alongside the bank’s strategic review, people familiar with the matter said. He may start his own advisory firm or join another institution next year, the people added.
A representative for Zurich-based Credit Suisse declined to comment on plans for its US asset-management arm. Americas account for 146 billion Swiss francs (US$147 billion) of its assets under management. Credit Suisse also declined to comment on behalf of Meissner.
05:31
Hong Kong Monetary Authority chief Eddie Yue on future of city’s economy amid higher interest rates
Multiple missteps have driven Credit Suisse’s share price to record lows. The future of the investment bank is at the centre of the company’s turnaround plans. The main question is how the bank will pay for any restructuring, leading it to consider unit sales and spurring outside investors to weigh injecting funds.