Credit Suisse wins best wealth adviser award
Credit Suisse has been named the world's best wealth manager, as well as top investment bank, in an awards ceremony hosted by financial journal Euromoney in London.
According to Euromoney: "The Swiss bank has benefited the most from clients moving away from wealth managers with troubled bank parents." These would include its bitter rival UBS, the world's second largest wealth manager after Bank of America Merrill Lynch, which is also on the back foot.
Walter Berchtold, head of Credit Suisse wealth collected the award personally, pledging new hires, assuming this squares with group cost issues. Other short-listed advisers were HSBC and Pictet.
During 2008, Credit Suisse won net assets totalling Sfr42bn. It added a further Sfr9bn in the first quarter, during which it also made 50 hires, many of whom concentrate on the high net worth segment of the market. It is a pioneer of the "one-bank" strategy, where wealth advisers and investmetn bankers work together to supply client needs.
Of Credit Suisse's investment bank, Euromoney said: "Tough decisions taken in 2007 and 2008 leave it in a prime position for the years ahead." Other short listed investment banks were Goldman Sachs and JP Morgan. HSBC won Euromoney's top annual accolade, best global bank, ahead of BNP Paribas, JP Morgan Chase and Santander.
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