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Credit Suisse buys Morgan Stanley's wealth business
by Dylan Lobo on Mar 28, 2013 at 08:04
Credit Suisse has struck a deal to buy Morgan Stanley's European and Middle East wealth management businesses.
The purchase significantly increases the firm’s UK client base in the wealth management space, and adds $13 billion worth of assets.
The transaction, which will boost the firm’s ultra high net worth and high net worth investor-base across Europe, reinforces the bank’s focus on growing in this segment of the market.
The businesses acquired, which are predominantly based in the UK, Italy and Dubai, will be integrated into Credit Suisse’s Private Banking and Wealth Management division.
Romeo Lacher, head of private banking for Western Europe at Credit Suisse, said in a statement: ‘Accelerating our growth momentum in our international markets and in our UHNW client segment remains a key priority for Credit Suisse.
‘Morgan Stanley has developed a strong foothold in wealth management over the past years and its high quality client base and experienced employees perfectly complement our ambitions to grow our share in these areas.’
The move comes amid speculation Credit Suisse is on the cusp of selling its UK wealth arm JO Hambro Investment Management.
The investment bank has been sounding out for potential buyers since last May for the business it originally paid £100 million for 12 years ago.
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