Crédit Suisse to divest PE businesses

The announcement came as part of the group's quarterly results presentation. The bank stated the divestments were in line with the accelerated implementation of its strategy towards a more liquid alternatives business. They also stem from the "residual uncertainty" around the implementation of the Volcker Rule.

Crédit Suisse did not specify which private equity units it would sell, simply stating that the targeted businesses have "limited synergies" with other businesses of the group. Reports suggest that the divisions on the block include fund-of-funds business Customized Fund Investment Group as well as the Strategic Partners division, which manages secondaries funds.

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