Credit Suisse Puts Its US Asset Management Unit For Sale, Looks For Capital Infusion

Battered Credit Suisse Group AG CS recently launched a process to sell its U.S. asset management arm, dubbed Credit Suisse Asset Management (CSAM).
The unit is expected to draw interest from private equity firms and other asset managers, said the source, who spoke anonymously to discuss private information.
The source added that there was no guarantee of a sale, and Credit Suisse could ultimately retain the business.
Bloomberg News reported earlier, citing people familiar with the matter.
Earlier in the day, citing a source, Bloomberg stated that Credit Suisse had approached at least one Middle Eastern sovereign wealth fund for a capital injection.
Abu Dhabi and Saudi Arabia-based sovereign wealth funds are mulling whether to infuse new capital into Credit Suisse's investment bank and other businesses.
The size and other details of a potential capital injection could not be learned.
Last month, reports were circulated that Credit Suisse was looking to raise fresh capital. It has raised almost CHF12 billion ($12.22 billion) since 2015, but it is unclear how much the investors are interested as the bank has been at the center of several scandals.
Price Action: CS shares are up 4.40% at $4.75 during the premarket session on the last check Tuesday.