Harris Associates is selling its entire Credit Suisse stake, says the FT

Harris Associates sold its entire stake in Credit Suisse Group AG, according to the Financial Times, is ending ties with the firm after roughly two decades of ownership, putting further pressure on the Swiss bank’s management.

“It’s a question of the future of the franchise,” the FT quoted David Herro, chief investment officer of international equities at Harris, as saying. “There have been large outflows from asset management.”