Asia-Pacific assets under
management at Credit Suisse increased 45.6 percent to CHF67 billion
– the highlight of a bullish set of results for 2009.
Asia has been the growth engine of Credit
Suisse’s private bank in 2009, though Marcel Kreis, head of
Asia-Pacific private banking (pictured), has been
cautious about the prospects of an aggresive
shift towards the region, whether in assets under management or
relationship managers. In an interview with PBI he said there may
be a “rebalancing of relationship managers in favour of Asia when
conditions start to improve”, but that the current balance (around
12 percent of the bank’s RMs are in Asia) was unlikely to change
significantly.
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HSBC has been the most aggressive in its
strategy towards Asia, with CEO
Chris Meares claiming in another interview with PBI that the
bank would have around half of its assets under management in Asia
by 2014, up from an estimated current level of around 30 percent.
There have been reports Meares is in talks to relocate to Hong Kong
given the speed of growth in the region, though he denied such a
move was likely at the PBI Wealth conference in November.
The head of JP Morgan’s international private
banking business, Douglas Wurth, recently relocated from New York
to Hong Kong.
Net new assets from wealth management clients
at Credit Suisse (which excludes institutional flows) totalled
CHF108.6 billion, up 5.3 percent for the year, compared to 5.8
percent in 2008.
The bank posted income before tax of CHF3.651
billion for 2009 in its private banking division, down five percent
on last year. Income across the group was CHF6.411
billion. “In a market that is undergoing significant
structural changes, our private banking business has outperformed,”
said Brady Dougan, the bank’s CEO.
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By GlobalDataCredit Suisse’s fourth quarter private banking
profit was down 1 percent on the third quarter and up 66 percent on
the same period last year, at CHF857 million.
