Credit Suisse sets up wealth mgmt firm in Channel Islands

Added 18th October 2016

With Credit Suisse ending direct client coverage out of the Channel Islands, the Swiss bank has set up a wealth management firm with local financial service provider Stenham Group, that will act as an external asset manager (EAM) for the bank regionally and elsewhere.

Credit Suisse sets up wealth mgmt firm in Channel Islands

Stenham Wealth Management, as the new company is known, 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 be able to offer a range of global custody and transaction services as part of a traditional liquid, multi-asset class approach to private client investment management.

By transferring to Stenham WM, Credit Suisse’s existing clients in the Channel Islands will continue to have access to the bank's discretionary portfolio management service.

Stenham WM, which will have a presence in Jersey and Guernsey, will form part of the Stenham Group of companies, which currently employs close to 100 staff across six companies in the Channel Islands.

People moves

Four former Credit Suisse investment employees will transfer to Stenham WM:

David Baker will head the new Stenham WM business and be based in Jersey. He was previously head of Credit Suisse’s Jersey office. 

Allan Stewart, Ian Blackman, and Adrian Starr will join as directors, responsible for the investment management and advisory services. Stewart and Blackman will join Baker in Jersey and Starr will be based in Guernsey.

Stenham WM expects to hire additional investment professionals as the business grows across the islands.

Strength and depth

Stenham Group deputy chairman, Edwin Wulfsohn, said the “strategic move adds strength and depth to the Stenham Group” and "expands its Channel Islands’ footprint".

Roy McGregor, Credit Suisse chief executive for the Channel Islands, said the new company, “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”.

He added: “Credit Suisse has been present in the Channel Islands for 30 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.”

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