Swiss private banking giant Credit Suisse has set up a new wealth management firm in the Channel Islands in collaboration with local financial service provider Stenham Group.
The new firm, dubbed Stenham Wealth Management (Stenham WM), will act as an external asset manager (EAM) for Credit Suisse in the Channel Islands and elsewhere.
The new company will offers clients a wealth advisory service, which includes access to the full range of Credit Suisse’s specialist wealth management products, services and lending solutions.
The new firm will also offer a range of global custody and transaction services as part of a traditional liquid, multi-asset class approach to private client investment management.
Four former Credit Suisse investment employees will transfer to Stenham WM, as part of the formation of the new company.
Stenham Group deputy chairman Edwin Wulfsohn said: “This strategic move adds strength and depth to the Stenham Group’s award-winning multi-disciplinary financial services business, with a long tradition of serving local clients and adding to the already significant Channel Islands’ footprint.”
Credit Suisse CEO for the Channel Islands Roy McGregor said: “Credit Suisse is delighted to be working with Stenham. It allows us to provide continuity to the broader Channel Islands client base and to the wider fiduciary sector by working alongside an established provider with access to Credit Suisse’s full range of wealth management products and services via our specialist EAM team.
“Credit Suisse has been present in the Channel Islands for thirty years and, looking ahead, we remain committed to providing wealth management services to our clients locally; both through our network of CS offices as well as in alliance with qualified companies such as Stenham.”