Credit Suisse Group AG will slash ties with hedge funds and focus on its core business of catering to the global rich, part of a reorganization that aims to prevent a repeat of the client blowups and regulatory penalties that have rocked the bank.

The Swiss bank’s central mission will be its flagship private-banking and wealth-management arms, which will be brought under one roof and get a slug of new capital to expand, it said Thursday. The bank is aiming to manage $1.2 trillion in wealth assets by 2024, from under $1 trillion now.

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