David Blumer, chief executive of Credit Suisse's Sfr714bn (€433bn) asset management business, told an investor conference yesterday that the group remains on track to achieve its profitability target for 2009, despite a poor third quarter when profits dropped 70% on the same period last year.

In 2006 Blumer set a three-year goal of growing the group's pre-tax profit margin to 35% by 2009. Margins have grown from 20% last year to 27% at the end of the third quarter this year.