Wealth Manager - the site for professional investment managers

Register to get unlimited access to Citywire’s fund manager database. 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 Picton: the UK property hotspots for rental income

Picton: the UK property hotspots for rental income

Picton Property Income CEO Michael Morris reveals how he is planning to ride the ‘ripple effect’ as UK economic growth spills out from the capital across the country.

Brewin's Foster talks financial crisis MkII with Allianz's Riddell

Brewin's Foster talks financial crisis MkII with Allianz's Riddell

This week Brewin Dolphin's head of research talks to Mike Riddell, fund manager at Allianz Global Investors, about the forces driving bonds markets in a tumultuous week for markets.

Play Henderson's Hermon: how to be defensive in smaller caps

Henderson's Hermon: how to be defensive in smaller caps

Hermon, who manages the Henderson Smaller Companies trust, talks about he will tackle a 'challenging' 2016.

Your Business: Cover Star Club

Profile: 'what we are doing at Mosaic is Darwinian'

Profile: 'what we are doing at Mosaic is Darwinian'

The changes in financial services over the last few years may leave some destitute warns Marco Sambucci of Mosaic Money Management

Wealth Manager on Twitter