Credit Suisse is rejigging its wealth business in Latin America with a raft of new senior hires poached from two American rivals and a shake-up of its structure, finews.com has learned.
The Swiss bank is naming Ricardo Castillo as head of advisory and sales as well as a member of its wealth management committee in Latin America, according to a memorandum seen by finews.com. Castillo will also take run an investment consulting team for Argentina, Chile and Uruguay.
Most recently, Castillo was an investment specialist for ultra-high net worth Chilean and Argentine clients. He will be based in Geneva. In parallel, the wealth planners of each region will be integrated into the organization and report to Lucia Moreno in Argentina, Chile, and Uruguay; to Antonio Marsicano in Mexico; and to José Martin Ovelar in Bolivia, Colombia, Ecuador and Peru.
Grab on U.S. Rivals
The bank also hired three more Latin America bankers in Geneva including Marco Pacheco Romero as a senior relationship manager for Argentina, Chile, and Uruguay, reporting to Wenceslao Browne. As a result of the hire, the current private banking team under Marco Breitenmoser will now report to Pacheco Romero.
Credit Suisse is also hiring Andres Martin Cazenave as a senior private banker for the same region, reporting to Browne. All three wealth managers join from J.P. Morgan.
The bank is also poaching Rodrigo Pitre Mendez as a senior private banker for the region from Morgan Stanley, also reporting to Browne.
