Credit Suisse to Acquire Morgan Stanley’s Private Wealth Management Businesses in EMEA
Credit Suisse today announced that it has signed an agreement to acquire Morgan Stanley’s wealth management businesses in Europe, Middle East and Africa (EMEA), excluding Switzerland. The businesses with a total of over USD 13 bn of assets under management are based in the UK, Italy and Dubai, serving predominantly international Ultra High Net Worth (UHNW) and High Net Worth (HNW) clients across Europe.
The transaction complements Credit Suisse’s leading wealth management business in Europe and reinforces the bank’s focus on growing its UHNW and HNW client segments. The acquisition will add scale to the bank’s core growth markets in EMEA including the UK, Italy, Nordics, Russia and the Middle East. In the UK market, the acquisition will significantly increase Credit Suisse’s client base, making the bank a top ten player and leading wealth manager.
The businesses acquired will be integrated into Credit Suisse’s Private Banking & Wealth Management division. The acquisition will offer Morgan Stanley’s private banking clients, relationship managers and other employees an opportunity to benefit from a leading product platform and client offering, broad expertise and the highest quality standards of one of the world’s longest established private banks.
The acquisition is structured as an asset purchase for the businesses involved. Subject to satisfying certain closing conditions, it is expected to close later this year.
Source : Credit Suisse