Just as David Blumer, chief executive of Credit Suisse's asset management arm, might have hoped to close the door on 2007, his year was crowned by the unexpected departure of Keith "Kim" Schappert, head of the bank's US asset management business.

It was the latest setback for Credit Suisse's global asset management business in a year that was supposed to be one of "growth" and "consolidation" following the radical shake-up in 2006. It was also a bleak reminder of how tough it is to manage such businesses.