The Swiss bank is mulling its options for Investlab, a fund platform it provides to other financial services firms.
«Credit Suisse is in advanced discussions regarding strategic alternatives to support the further development of Credit Suisse InvestLab, although no final decision has been made,» the Zurich-based bank said in a statement on Monday.
The Swiss bank was forced into the statement by a report on «Inside Paradeplatz» (in German), a blog widely read by Swiss bankers. The blog reported earlier on Monday that Credit Suisse private bank head Iqbal Khan is poised to sell the Swiss bank's fund distribution platform, Investlab, without citing where it gleaned the information. It said the unit will go to Allfunds, a similar platform which is owned by private equity house Hellman & Friedman and Singapore's GIC wealth fund.
Fourth Ranking
Italian-Spanish Allfunds says it is Europe's largest platform for distribution, execution, data, and research of investment funds. UBS' Fondcenter is second, while Investlab is the fourth largest.
Two years ago, UBS sold its fund administration in Switzerland and Luxembourg to U.S.-based family office Northern Trust. Last year, Investlab inked a tie-up with Fundinfo, which also works with UBS. Investlab is run by veteran Credit Suisse banker Joerg Grossmann. Last year, the unit's Swiss head, Ueli Spoerri, defected to rival platform Fund Channel.
