Credit Suisse merges businesses to create wealth arm

Credit Suisse is to combine its private banking and asset management divisions to create a wealth management arm.

The group said in a stock exchange announcement this morning that the Private Banking and Asset Management divisions will be combined to form the Private Banking & Wealth Management Division. New appointments to the board have also been made as a result of the restructure. Hans-Ulrich Meister and Robert Shafir will lead the new division, with Meister overseeing private banking and Shafir head of private banking & wealth management, which includes asset management products. Many other asset management groups - including Old Mutual - have already moved to target their businesses at w...