Credit Suisse's asset management business saw pre-tax profits rise 10% to Sfr257m (€156m) in the first quarter, although the improvement was overshadowed by continued strength in investment banking.

Compared with the fourth quarter of last year, asset management profits were up 189%. The company accrued costs of about €138m at the end of last year as a result of restructuring by chief executive David Blumer, which explains the sharp increase in pre-tax profits this quarter.