Credit Suisse Asset Management has reported significant losses in the fourth quarter of last year, thanks in part to private equity investments, which dragged the division to a Sfr1.3bn (€868m) pre-tax loss in 2008. The news comes six weeks after the funds arm of the Swiss bank signed a deal to hand over a large portion of its business to Aberdeen Asset Management.

The asset manager said in its full-year results published this morning, that it lost Sfr670m before tax in the final three months of last year, compared with a Sfr302m loss for the same period the year before.