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Credit Suisse seeks support for possible asset management deal -FT

Reuters - UK Focus

(Adds Credit Suisse declining to comment)

ZURICH, July 22 (Reuters) - Credit Suisse (NYSE: CS - news) 's new chief executive is sounding out investors for their backing on a potential deal to bolster the bank's asset management operations, the Financial Times reported on its website on Wednesday, citing unnamed sources.

Since taking the helm of the Swiss bank three weeks ago, former Prudential CEO Tidjane Thiam has discussed the idea of expanding the asset management division through an acquisition, the FT reported.

Credit Suisse declined to comment.

Asset management is the smallest of the three main businesses at Credit Suisse, which reports second-quarter results on Thursday.

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The report of potential interest in acquisitions could unsettle some investors in light of Thiam's failed attempt to buy Asian-focused insurer AIA (HKSE: 1299.HK - news) in 2010, shortly after he became CEO of Britain's Prudential (SES: K6S.SI - news) .

Bankers and analysts have previously said that Thiam could tap existing shareholders for cash to improve capital strength, where it lags rival UBS (NYSEArca: FBGX - news) , and provide growth options.

Credit Suisse shares were down 2.2 percent at 26.73 Swiss francs at 1448 GMT, underperforming a flat European banking index. (Reporting by Katharina Bart; Editing by Pravin Char)