The wealth management landscape is rapidly changing shape under a new wave of consolidation.
Last week, Credit Suisse bought Morgan Stanley’s European and Middle East wealth management businesses, following hard on the heels of Schroders’ acquisition of Cazenove Capital a few days earlier. On Thursday Credit Suisse agreed to sell JO Hambro Investment Management to Bermuda National Limited, which is backing a management buyout at the wealth boutique.
Credit Suisse’s Morgan Stanley purchase, which excludes the Switzerland operations, brings roughly $13bn of managed assets of rich clients into its domain, boosting the Swiss bank’s aim to become one of the top 10 players, particularly adding clout to its UK business.
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