Credit Suisse names China execs as WM assets grow

By Francis Nikolai Acosta

Added 17th February 2017

Credit Suisse announced new leadership appointments to oversee its China business on the back of strong growth of its wealth management business in Asia-Pacific.

Credit Suisse names China execs as WM assets grow

 

In APAC, wealth management assets grew by 11.9% to CHF168.3bn ($168.7bn) in 2016 from CHF150.4bn in 2015, according to the bank’s earnings report.

Globally, the wealth management business managed CHF734bn in 2016, which is 8% higher compared to the previous year. 

During the period, the APAC private banking business attracted net new assets of CHF14.6bn from the region, reflecting inflows primarily from Greater China, Australia and Southeast Asia, according to the report.

However, those net new assets are lower compared to 2015’s CHF17.8bn of inflows.

Credit Suisse also hired more relationship managers in 2016, according to the report. As of end-2016, it had 640 relationship managers globally, up by 10% from 2015’s 580.

China leadership appointments

Separately, the bank announced leadership appointments to oversee its China business. 

Mervyn Chow, who is Credit Suisse’s Hong Kong-based co-head of investment banking and capital markets for Asia-Pacific, will take on the role of China CEO, in addition to his current responsibilities, according to a statement from the firm.

Chow will be responsible for deepening relationships and broadening Credit Suisse’s footprint with entrepreneurs and corporate clients in the China market. 

Neil Harvey, the firm’s Hong Kong CEO, has been named as chairman of Greater China. He will maintain his CEO role, which includes oversight of Taiwan, as well as his role as chairman of asset management for Asia-Pacific.

Harvey will continue to be responsible for the China onshore business platform, which includes managing the bank’s relationships with joint venture partners and regulators in Greater China, the statement said.

Both Chow and Harvey will continue to report to Helman Sitohang, Credit Suisse’s Asia-Pacific CEO.

FSA sought more information from Credit Suisse, but it did not say whether Chow and Harvey’s roles are newly created or replacement roles. It also did not elaborate on its business plans in China.

"China is a very important market for our growth strategy and we will continue to expand our onshore presence and capability," a Hong Kong-based spokeswoman said.

Credit Suisse also expanded its China onshore coverage with two senior hires in the previous months, which include Rick Meng, who was named managing director and head of private banking for China onshore, and Honggui Li, who was appointed as managing director and head of China investment banking and capital markets, according to the statement. 

Credit Suisse expanded its onshore presence in China in November 2016 through the launch of its China A-share brokerage business via its joint venture, Credit Suisse Founder Securities, according to the statement.

It also has an asset management joint venture with Industrial & Commercial Bank of China – ICBC Credit Suisse Asset Management, which has assets under management of around RMB 1trn ($150bn).

 

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