Credit Suisse renews focus on wealth management, aims to expand ‘core’ high-net-worth clientele

CHASTENED by scandal and a poor set of results in 2021, Credit Suisse is renewing its focus on its wealth-management business, with the intention to nurture the “core” segment of high-net-worth (HNW) clients whose investible assets are not as large as those of the ultra-wealthy, but who desire managed investment solutions.

Francesco de Ferrari, chief executive for wealth management, said: “Wealth management is a long-term, client-driven business. Some of our strongest franchises were built in moments of difficulty … My priority in the first 3 months has been to define our organisational structure, select and meet all the teams.

“We have to be very disciplined around which segments of clients we cater to. We’re traditionally very strong among ultra HNW entrepreneurs … But the one segment we want to do better at is the core wealth management business, where clients tend to be professionals and their main focus is for us to help them generate investment returns.” The thresholds to be considered ultra HNW is understood to be around US$25 million, and US$2 million for HNW clients.