Credit Suisse Asset Management’s assets under management fell 31.3% to 411.5 billion Swiss francs ($353.3 billion) as of Dec. 31 from 599.4 billion francs the previous year, the company reported today.
Assets fell 16.2% from 491.2 billion francs as of Sept. 30.
Market and currency losses and net asset outflows were blamed for the asset decline, according to a company statement. Net outflows of 21.1 billion francs included outflows of more than 1 billion francs each in multiasset class, money market and fixed-income strategies. Equities recorded a small inflow of 200 million francs.
The majority of investment losses were “concentrated in middle-market private equity investments related to the real estate and energy sectors in the U.S.,” according to the statement.
The firm said it had a pretax loss of 1.1 billion francs on net revenue of 496 million francs vs. a profit of 197 million francs on net revenue of 2 billion francs in 2007. Fourth-quarter pretax loss was 670 million francs on revenue of -403 million francs.
