The businesses with a total of over USD 13 bn of assets under
management are based in the UK, Italy and Dubai, serving predominantly international Ultra High Net Worth (UHNW) and High Net Worth (HNW) clients across Europe.
The transaction complements Credit Suisse’s leading wealth management business in Europe and
reinforces the bank’s focus on growing its UHNW and HNW client segments. The acquisition will add
scale to the bank’s core growth markets in EMEA including the UK, Italy, Nordics, Russia and the Middle
East. In the UK market, the acquisition will significantly increase Credit Suisse’s client base, making the
bank a top ten player and leading wealth manager.
The businesses acquired will be integrated into Credit Suisse’s Private Banking & Wealth Management
division. The acquisition will offer Morgan Stanley’s private banking clients, relationship managers and
other employees an opportunity to benefit from a leading product platform and client offering, broad
expertise and the highest quality standards of one of the world’s longest established private banks.
Romeo Lacher, Head of Private Banking for Western Europe at Credit Suisse, said: “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. We look forward to welcoming Morgan Stanley’s clients and employees to Credit
Suisse and working with them to deliver a strong portfolio of products, services and expertise across our
private banking platform.”
Credit Suisse combines the strengths and expertise of its Private Banking & Wealth Management,
including Asset Management services, and Investment Banking. The unique value proposition of Credit
Suisse’s integrated banking services remains a key strength in its client offering. It enables the bank to
offer customized and innovative solutions to its clients, especially to UHNW clients, the fastest growing
segment at Credit Suisse.
The acquisition is structured as an asset purchase for the businesses involved. Subject to satisfying certain
closing conditions, it is expected to close later this year.
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