Advisor Numbers Drop Again at Credit Suisse
Growing wealth in Asia has seen many banks add to their client facing teams, Credit Suisse however is bucking that trend.
Credit Suisse (CS) reported its third quarter results today. In Asia the number of private banking relationship managers (RMs) employed by the Swiss bank dropped for the third successive quarter to 590 from 610. At the end of the third quarter of 2016 CS employed 650 RMs in the region.
In July regional head Helman Sitohang said that productivity and efficiency gains at the private bank in Asia saw its assets under management (AUM) per relationship manager (RM) increase by 15 percent year on year.
Growing Headcount at Other Banks
As part of the efficiency drive CS entered into a partnership with Singapore-based fintech company Mesitis to provide its clients access to «Canopy», an automated account aggregation platform and reporting solution through CS' digital private banking platform.
Rival banks however have been adding to their Asian RM ranks on a regular basis throughout 2017. Indosuez Wealth Management, HSBC, Union Bancaire Privee and Standard Chartered, among others, have all added to their pool of relationship managers in recent months.
