Credit Suisse has snapped up at least twelve wealth managers in Mexico from its rival UBS.
The acquisition of the team, revealed in The Financial Times on Tuesday, is part of Credit Suisse’s repositioning away from investment bank operations and a move closer towards potentially lucrative wealth management operations.
Credit Suisse declined to comment on the matter. However, a source close to the company confirmed that the move was taking place and that Latin America remained a key area for the firm.
Swiss private banking is in the middle of a period of uncertainty following the goal clampdown on tax evasion and many see the need for re-invention.
Credit Suisse unveiled a fresh strategy last October centring on wealth management. And Switzerland’s third largest wealth manager Julius Baer has also been extremely active in the acquisitions market in recent months, snapping up businesses across the globe.
The merry-go-round between the Swiss companies has seen a number of recent moves between its key players. Earlier this month Julius Baer raided Credit Suisse to bolster its private banking unit in China and its portfolio management activities in Guernsey.
Earlier this week Julius Baer’s chief executive Boris Collardi announced further expansion plans stating his intention was to hire at least 50 more relationship mangers in Asia alone.