Credit Suisse Asset Management, the funds division of the Swiss bank, saw profits drop 50% to Sfr508m (€313m) last year thanks to higher costs following a €138m ($181m) restructuring of the business. A 28% dip in private equity returns also contributed to the division's poor performance.

The asset manager said the fall-off in private equity returns was due to the cyclical nature of such investments. Both factors also hit the asset manager in its third-quarter results.