Credit Suisse has closed Credit Suisse Private
Advisers (CSPA), the Switzerland-based unit that serves American
clients outside the US.
The unit’s 10 Switzerland-based relationship
managers (RMs) and support staff, who managed about $2.25bn assets
under management, are likely to be re-absorbed into Credit
Suisse.
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Existing CSPA clients’ assets will now be
managed by Credit Suisse’s 400 RM-strong US onshore business.
A Credit Suisse spokesman told PBI
the unit, which was regulated by Swiss regulator FINMA and the US
Securities Exchange Commission, was closed as part of Credit
Suisse’s ongoing cost-cutting efforts.
Closure part of CHF800m savings
drive
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By GlobalDataThe savings drive aims to increase the private
bank’s contribution to the group’s pre-tax income by CHF800m
($860m) by 2014.
“This kind of business is not part of the
strategy for US clients,” the spokesman said. “The US strategy has
been to expand our US onshore private banking business.”
The spokesman refused to comment on whether
the closure was in connection with ongoing investigations into the
Swiss bank’s cross-border private banking services to US citizens
being led by the US Internal Revenue Services (IRS).
Earlier this month, the Credit Suisse passed
US client account details to the Swiss Federal Tax Administration
after an official request from the IRS.
