Credit Suisse is on target to shoot past its
2012 net new money inflow target of CHF35bn ($38.9bn) aiming to
pull in CHF45bn in Asia-Pacific.
Credit Suisse private banking chief executive
officer Walter Berchtold told Bloomberg that Asia-Pacific has a lot
of growth in the wealth management sector.
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The Swiss private bank added CHF18.5bn of
wealth assets in the region since June 2009, bringing the total to
CHF78.5 in 2010, according to media reports.
Maintaining annual growth at
20%
Credit Suisse may exceed the net new money
target if its Asia-Pacific wealth business continues an annual 20%
growth, Berchtold said in the interview.
The private banking division expects to hire
an additional 160 relationship managers globally this year, adding
to the 4,200 managers logged at the end of 2010. Hiring costs will
“most likely” rise this year, Berchtold said.
Japan
reassurance
Japan’s recent earthquake and tsunami turmoil
will not disrupt inflows, Berchtold said.
According to reports, the Swiss bank has put
in place assistance measures for its employees as Japan bears the
damaging nuclear reverberations of the recent disaster.
Credit Suisse began its domestic private
banking business in Japan two years ago and employs about 60 staff
in the country, including relationship managers.
