SWITZERLAND – Swiss banking group Credit Suisse says its Credit Suisse Asset Management arm lost a net CHF200m (€128.4m) in assets under management in the second quarter.

CSAM’s net revenues also fell, by 2% to CHF470m, according to the bank’s quarterly earnings report.

CSAM is part of the bank’s wealth and asset management group, which also includes alternatives and private client units. The group had an inflow of net new assets of CHF2.8bn during the period – driven by a gain of CHF2.8bn in the alternatives arm.

The private client division had inflows of CHF0.2bn – although this was offset by the CHF0.2bn outflow at CSAM. CSAM now has CHF419.8bn in assets under management.

Net income at the wealth and asset management group fell 19% to CHF245m from the prior-year figure while revenues were up 5% at CHF1.5bn.

Meanwhile, net income at Credit Suisse’s life and pensions group increased 73% to CHF116m.

Overall, Credit Suisse’s net profit fell to CHF919m from CHF1.46bn a year ago – hit by CHF624m after-tax charge to cover litigation risks.

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