Credit SuisseGroup AG is creating a joint venture between its Swiss universalbanking and its international wealth management arms that will have oversightof the group's asset management division, Reuters reported May 8.

Both divisions will play equal roles in managing the assetmanagement operations, according to the report.

"Through the joint venture, we are acknowledging thatasset management is on the one hand a global business, but on the other is deeplyrooted in Switzerland," Credit Suisse spokesman Christoph Meier reportedlytold Switzerland's Schweiz am Sonntag.

As part of restructuring plans disclosed in 2015, the asset managementdivision was put under 100% control of Credit Suisse's wealth managementbusiness, Reuters noted.