(11 June 2020 – Europe) Credit Suisse is refocusing on ultra-high net worth individuals (HNWI) boasting billion dollar asset valuations to drive revenue for its private banking and wealth management divisions.
Most private banking clients have taken precautionary measures to protect their wealth through hedge funds and asset liquidations. However, the world’s super rich have taken the existing global uncertainty as opportunity to bargain hunt for low value M&A deals and invest in assets that can potentially produce super-high returns, albeit with greater risks.
“This sort of activity could bring in around US$400 million in additional revenues between now and the end of 2022. Some of our strategic clients are looking to go into more risky assets, after deleveraging before. This trend is visible from conversations with ultra-wealthy clients but also from business activity we were seeing” stated Credit Suisse Head of International Wealth Management, Philipp Wehle.