By Nishant Kumar
LONDON (Reuters) - Credit Suisse (VX:CSGN) is preparing to move a London and Paris-based trading team out of its investment banking unit and into its asset management arm to raise external capital, sources familiar with the matter said.
The team, currently part of the bank's Systematic Market-Making Group (SMG), will be led by the group's Paris-based co-head Pierre-Yves Morlat and manages about $750 million in internal capital, the sources said.
A Credit Suisse spokesman declined to comment. Sources declined to be named as the plan was private.