Wealth Manager - the site for professional investment managers

Register for full access to Citywire’s Fund Manager database, news and analysis. Registration is free and only takes a minute.

Credit Suisse shakes up board for new private banking & wealth division

Credit Suisse shakes up board for new private banking & wealth division

Credit Suisse has announced a board reshuffle as it creates a new private banking and wealth management division.

The Swiss firm said Hans-Ulrich Meister, currently head of private banking in Switzerland, and Robert Shafir would head up the new division, with Shafir taking on specific responsibility for private banking and wealth management products.

Credit Suisse's new division will also include asset management and sees it step up its ambition of streamlining the business.

Brady Dougan, chief executive officer of Credit Suisse, said the changes were the next 'logical' step for the firm after it adapted its business model to suit the changing regulatory environment and evolution of the wealth industry.

Dougan outlined: 'We have restructured our investment banking model resulting in a high returning, lower risk, client oriented business. Our private banking model is highly scalable and suited for the new regulatory environment, and we have sharpened the focus of our asset management business.'

The move also sees Credit Suisse's investment banking arm split apart from its private banking and wealth operation.

A number of firms have in recent months looked at ways of reinvigorating their offering to suit the changing world.  UBS is a notable example, which has chosen to focus on wealth management.

Leave a comment!

Please sign in or register to comment. It is free to register and only takes a minute or two.
Citywire TV
Play Investment Pulse: the highs and lows of 2014

Investment Pulse: the highs and lows of 2014

This week's Investment Pulse looks back at some of the biggest stories of the year as well as looking forward to 2015.

Play Inside ETFs: Why the US bull-run still has legs

Inside ETFs: Why the US bull-run still has legs

Global equities suffered a sharp sell-off in the third quarter but exchange traded fund investors are continuing to back the US to outperform in 2015

Play Paul Niven: I won't rip up the Foreign & Colonial Trust history book

Paul Niven: I won't rip up the Foreign & Colonial Trust history book

The newly appointed manager of the Foreign & Colonial trust talks about his plans for UK's oldest investment company.

Your Business: Cover Star Club

Manchester wealth firm hires Coutts director for London launch

Manchester wealth firm hires Coutts director for London launch

Former Coutts director Tony Robinson has joined Chartered Wealth Management to head the company’s newly opened London office.

Wealth Manager on Twitter