Zurich-based Bank Leu is combining its asset management and investment products units into a new unit that will focus on portfolio managemen...

Zurich-based Bank Leu is combining its asset management and investment products units into a new unit that will focus on portfolio management for private and institutional clients. The bank, which is owned by Credit Suisse, said in a statement: “By combining these various areas of activity, Bank Leu is consolidating its strengths in the areas of asset management and investment products.” It gave no further details on the move. The new unit will be headed by Raoul-Philip Bachmann, who will also become a member of the executive board of Bank Leu. Mr Bachmann previously worked as a consultant for Odey Asset Management in London. Separately, Bank Leu’s chief executive Hans Nutzi said that Credit Suisse may consider selling its private banking subsidiaries or listing their shares on the stock exchange in the future, according to reports in the Swiss press. Credit Suisse owns four Swiss private banks: Bank Hofmann, Bank Leu, Clariden Bank and BGP Banca di Gestioni Patrimoniale.