Credit Suisse has signalled a break from its core business of mutual funds, and launched a private equity fund of funds in Germany, financed by individual investors and managed by Golding Capital Partners.

The move by the Swiss bank comes in the light of posting its worst-ever results for the last quarter. Some blamed a slowdown in the flow of new capital into private banking, the group's most successful business, for part of the Sfr2.1bn (€1.44bn) loss. Its private banking network will provide the source pool for attracting investment into this new fund.