Credit Suisse Group is weighing an option to transfer parts of its asset management business to its First Boston spinoff amid initiatives to rearrange the bank’s investment banking activities following losses, reported Bloomberg.

The business includes the Swiss bank’s Private Funds Group, which enables buyout firms to raise funds.

It has been jointly led by David Klein and Michael Murphy in the US and London, respectively.

The bank is having discussions on the move internally and could shift Private Funds Group to First Boston later this year, people privy to the development told the publication.

With presence across the globe, Private Funds Group raises private investment from various players, including public and private pension funds as well as high net worth individuals and families, among others.

The group employs a workforce of 77 people in key financial markets such as Hong Kong, New York, and London.

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By GlobalData

Credit Suisse is currently developing a plan to reorganise its investment bank into the renamed Credit Suisse First Boston unit and the activities that will be placed in the unit.

Last month, the Financial Times reported that Credit Suisse settled a deal with the owner of First Boston brand, which the bank stopped using in 2005, to reuse the name for its new investment bank spinout.

Following a series of losses, the bank aims to concentrate on its usual strongholds, including capital markets, advisory and leveraged finance activities.

Private Funds Group has already started working with clients from investment banking sector.

Representatives for Credit Suisse refused to give any update on the latest development.