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Credit Suisse assets survive Q1 change

SWITZERLAND - Banking group Credit Suisse saw its total assets under management rise by CHF38.7bn (€23.4bn) in Q1, despite recent personnel changes and an outflow from equities.

An interim results statement to March 31 2007 reveals total assets under management of the group rose CHF1.55trn, an increase of 4.5% from December 31 2006 while the asset management division saw its assets climb 5.8% to CHF708bn.

This rise was driven largely by CHF29bn in new money wins in the balanced, fixed income, money market and alternative sectors.

However, the gains were stemmed by equities outflows of CHF1.8bn "from client terminations following the realignment in the US".

Switzerland's second-largest banking group says its business pipeline "remains robust" in investment banking, private banking and asset management under the control of chief executive officer Brady Dougan.

CSAM has held onto its assets despite the loss of several key individuals over recent months in its UK and European operations.

Leonard Fischer left his new role as chief executive for Europe, Middle East and Africa just weeks after joining at the beginning of March to go to Brussels-based holding company RHJ International.

The UK division in February then saw its head of fixed income Ian Fishwick then resigned, shortly followed by multi-managers Gary Potter and Rob Burdett who moved to specialist boutique Thames River, and Bill Mott who went to Psigma Asset Management.

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