Credit Suisse is said to begin sale of U.S. asset management arm

Credit Suisse Group is considering a sale of its U.S. asset management business, according to people familiar with the matter. 

The Swiss bank has recently begun a sales process for the U.S. operations of Credit Suisse Asset Management, or CSAM, said the people, who asked to not be identified because the matter isn't public. 

The unit, which includes a platform for investing in collateralized loan obligations, is expected to draw interest from private equity firms, the people said. No final decision has been made and Credit Suisse could opt to hold onto the unit, the people said.

Pascal Mora/Bloomberg

A representative for Zurich-based Credit Suisse declined to comment. 

The potential sale comes as Credit Suisse prepares to unveil a turnaround to investors next week, as the bank looks to simplify and pare down following scandals and losses.

The firm is also in the process of selling its securitized products group, which has drawn interest from parties including Mizuho Financial Group and Apollo Global Management, Bloomberg News has reported. Centerbridge Partners, Pimco and Sixth Street are also among the potential bidders, people familiar with the matter have said.

Shares of Credit Suisse have fallen more than 48% this year, giving it a market value of about $12 billion Swiss francs ($12 billion). That's more than twice the 23% decline of the KBW Bank Index.