Financial services major Credit Suisse Group AG (CS) Wednesday said it has agreed to acquire Morgan Stanley's wealth management businesses in Europe, Middle East and Africa, excluding Switzerland. Credit Suisse said the acquisition complements its wealth management business in Europe and reinforces the bank's focus on growing its Ultra High Net Worth and High Net Worth client segments. The acquisition, structured as an asset purchase for the businesses involved, in anticipated to close later this year.
The businesses have over $13 billion of assets under management and serve predominantly Ultra High Net Worth and High Net Worth clients across Europe, said Credit Suisse. The acquired businesses are expected to be integrated into Credit Suisse's Private Banking & Wealth Management division.
Commenting on the development, Romeo Lacher, Head of Private Banking for Western Europe at Credit Suisse said, "...Morgan Stanley has developed a strong foothold in wealth management over the past years and its high quality client base and experienced employees perfectly complement our ambitions to grow our share in these areas."
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