Credit Suisse Asset Mgmt Reports 58% Drop in 3Q Operating Profit

Credit Suisse Asset Management reported today a net operating profit for the third quarter of CHF 34 million ($20.6 million), down 58% from the previous quarter.

The drop was due to a reduction in assets as well as the reversal of a tax benefit realized in the first half of the year, the company said. During the first three quarters of 2001, assets under management for CSAM have fallen to CHF 434.4 million ($263.4 million), down 10.8%.