Credit Suisse’s wealth management unit is seeking to sharpen its focus on a handful of markets, especially the high net worth segment where it will be «turbo-charging» the business.
Following its recent reorganization, Credit Suisse has deemphasized investment banking and placed even greater importance on its wealth management business. To generate growth, the bank will sharpen its focus on its top 20 markets and exit from some of the others.
«We have identified a small tail of markets – domiciles really – that we don't have sufficient scale to be able to serve clients properly,» said wealth management chief Francesco De Ferrari in a «Reuters» interview during a Refinitiv event in Zurich. «And so those we are gradually isolating.»
Growth, Ultra, HNW
Future growth from the wealth management business will come from three primary sources.
«The growth is really going to come from exposure to growth markets – a key strength – and ultra-high, and then turbo-charging our high net business through technology,» De Ferrari said, defining the latter segment as clients with $5-25 million in investable assets.
Currently, growth markets, such as APAC and emerging markets, account for around 60 percent of exposure at Credit Suisse’s wealth business.
