Swiss group Credit Suisse intends to sell its US asset management business.
According to Bloomberg, sources reported that Credit Suisse recently started a sale of Credit Suisse's asset management operations, or CSAM, in the United States.
The unit, which includes a platform for investing in CLOs, is expected to attract private equity firms.
Bloomberg sources reported that the unit, one of two large companies the bank is looking to sell, is likely to attract the interest of other asset managers.
A representative of Zurich-based Credit Suisse declined to comment.
Globally, Credit Suisse's asset management business managed 427 billion Swiss francs ($429 billion) of assets at the end of the second quarter, according to a company statement.
The potential sale comes as Credit Suisse prepares to reveal a turnaround to investors next week, as the bank looks to streamline and reduce losses after scandals and losses.
The company is also in the process of selling its suite of securitized products, which has attracted interest from parties including Mizuho Financial Group Inc and Apollo Global Management Inc.
Informed sources said that Centerbridge Partners, Pimco and Sixth Street are also among the potential bidders.
The Swiss bank's US certificates of deposit rose 3.6% to $4.55 in New York trading on Monday, giving the company a market value of about $12 billion.
However, it is still down 52% this year, compared to a 24% drop for the KBW Bank index.
