Credit Suisse Shutters Funds in Asset Management Review
- CFO Mathers says some funds struggling in recent volatility
- CEO Gottstein ruled out sale of asset management for now
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Credit Suisse Group AG is closing down funds and laying off employees at its alternative asset management business after several of the strategies struggled to perform in the volatility caused by the Covid-19 pandemic.
The bank’s actions include shuttering a quantitative fund and taking a 24 million Swiss franc ($26 million) charge on seed capital in a U.S. real estate fund in the third quarter, Chief Financial Officer David Mathers said in an interview, declining to name the funds or detail the extent of the layoffs.