In a region where the greatest amount of wealth is in the hands of entrepreneurs, it is a ‘bank for entrepreneurs’ that many of those wealthy individuals need and that is Credit Suisse. It wins the award this year for Asia’s best bank for wealth management.
In 2019, assets under management at the Swiss lender in Asia rose 10% year on year to reach an all-time high of SFr220 billion ($233 billion). That success continued this year, with first-quarter revenues up 17% year on year. In the first three months of the year, it pulled in SFr3 billion in net new assets, says Benjamin Cavalli, head of private banking south Asia.
It’s been a long journey, adds Francois Monnet, head of private banking north Asia: “Our positioning has been to become the bank that advises on both corporate assets and private assets. To bring those together is not easy.”
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Benjamin Cavalli |
Cavalli and Monnet deserve praise for ensuring Credit Suisse continues to marry its Swiss wealth management expertise with its capabilities in the capital markets.
It is a unique model, offering joint coverage of ultra-high net-worth (UHNW) clients through the private bank and investment bank. Last year, it launched its Asia Pacific Trading Solutions platform, providing clients with direct access to the trading floor and to specialists covering key asset classes.
The strategic advisory and private asset group, set inside its private bank, works closely with the investment banking team, offering tailored advice and solutions to meet UHNW clients’ distinctive needs. Clients have access to bespoke investment opportunities, including pre-IPO cornerstone investment opportunities, private equity, real estate and other bespoke private offerings.
Credit Suisse continues to offer the services wealthy clients expect – advisory and discretionary mandates, access to hard-to-reach hedge funds, succession planning, philanthropic advice and so on.
The bank was quick to react to the Covid-19 pandemic, keeping in touch with clients on multiple digital channels. And in sustainability, the bank has doubled down. At the end of 2019, more than SFr44 billion of assets were invested sustainably, according to the bank’s internal criteria.