Exclusive: Credit Suisse to move London, Paris traders to asset management arm

LONDON (Reuters) - Credit Suisse 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.

The team, that Morlat co-heads with New York-based Nick Branca, makes money for the bank and executes some strategies similar to hedge funds by trading across all asset classes.

Branca is not part of the team that is preparing to move by the end of the year or early next year, one of the sources said.

Jon Kinderlerer, a managing director at Credit Suisse in New York, is advising the team on product development and raising capital, the sources said.

(Additional reporting by Simon Jessop, editing by Alexander Smith and Louise Heavens)