Latin America's best bank for wealth management 2019: Credit Suisse
Awards for Excellence 2019
For the second year running Credit Suisse is Latin America’s best bank for wealth management, this year bolstered by the completion of a three-year turnaround across the whole bank.
Now the bank’s Latin American business is split into two standalone business areas: Brazil, headed by Marco Abrahao, and all other countries in the region run by Jorge Fernandez Amann, with the international and onshore business working together.
Last year it attracted more net new money than in any of the previous five years. At the end of 2018 more than $110 billion of assets had been entrusted by Latin American clients to Credit Suisse, of which more than half are booked through operational centres in Brazil, the Bahamas and Mexico.
Restructured, the bank can now offer trading and hedging capabilities from international centres to clients in Latin America. Families, either as individual clients or through family offices, are further supported by its Latin America Family Ties programme.
The bank also hosts thought-leadership events across the region for female entrepreneurs and next-generation clients, as well as investment conferences.
The ability of each country’s head to have greater autonomy has also meant a higher-touch relationship with clients.
“We want local solutions, and we spend more time on the road now, meeting clients and finding opportunities for them,” says Fernandez Amann.
For example, in Brazil where the interest rate environment has changed and clients are looking to change their portfolio structures, Credit Suisse offered an equity fund aligned with two of the bank’s ‘supertrends’: the silver economy and technology. They are part of the bank’s five high-conviction and long-term investment themes.
The bank also launched an onshore distressed credit fund through Credit Suisse Hedging Griffo, raising R$1.2 billion to invest in non-performing loans.
Among Credit Suisse’s digital initiatives, Brazilian-booked clients received an entirely new digital channel last year, while in Mexico relationship managers saw the launch of a new customer relationship management system.