Credit Suisse has announced plans to sell off two of its private equity businesses as the Volcker Rule forces the bank to relinquish illiquid assets. 

According to its second-quarter results statement, the divestments are in line with Credit Suisse's strategy “toward a more liquid alternatives business”, but it also concedes that they are in part motivated by “the residual uncertainty around the implementation of the Volcker Rule”.

According to Bloomberg, the divisions to be sold are the Customized Fund Investment Group and the Strategic Partners secondary business. 

The Customized Fund Investment Group serves clients including endowments, family offices, high-net-worths and large state and private pension funds. Essentially a fund-of-funds business, the division offers customised separate accounts, co-investment, co-mingled funds of funds, structured products as well as portfolio and back office services. 

The Strategic Partners business manages secondary funds, which closed its $2.9bn (€2.3bn) fund this year.