Credit Suisse eyes return to US wealth management market

Pedro Gonçalves
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Credit Suisse eyes return to US wealth management market

Credit Suisse is weighing a comeback to the US private banking market after a four-year absence with plans of a new Miami base mostly catering to wealthy Latin Americans.

With the idea still in the early stages, no final decision has been made but talks have focused around adding $15bn of assets under management in Miami, with the Swiss banking bringing in up to 30 people, including control and support staff, to Florida, Bloomberg reports.

Switzerland's second largest bank transfered its US brokerage to Wells Fargo in 2015 after being fined $2.6bn over a client tax evasion case.

The bank shifted strategy a year later under Chief Executive Officer Tidjane Thiam, who sought to bolster returns by focusing on the home market of Switzerland and expanding in Asian wealth management. The bank agreed the brokerage transfer a year later.

But now Thiam is looking to boost growth in private banking following the lost of his head of wealth management to rival UBS, amid a scandal of high speed pursuits, private investigators and suicide.

The U.S. ranks fourth largest for offshore wealth behind Switzerland, Hong Kong and Singapore, and is likely to hold about $1trn for non US residents by 2023, according to the BCG Global Wealth Report.

The American market is likely to see strong growth from Latin American and Asian investors, according to BCG.

 

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