C Suisse said to move traders to asset management arm

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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 have told Reuters.

The news agency reports that 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 $750m  in internal capital, the sources said.

The move is partly a result of regulations enacted after the 2008 financial crisis that restricts banks from trading with their own capital.

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