Credit Suisse has reported its strongest fourth quarter since 2013 with a 90 percent increase in income on a year-on-year basis. However, its success has not quite translated in Asia.
Credit Suisse has reported on Thursday 34.4 billion Swiss francs (US$34.12 billion) in net new assets for its wealth management division. However, its success has not quite translated in Asia where net new assets for the quarter were at 1.2 billion francs against consensus estimates of 2.6 billion francs. The bank has attributed this lackluster performance to «material deleveraging».
The bank's Asia Pacific results are of particular interest because it is the first year its wealth management has functioned under a co-head structure in the region. After the departure of Francesco de Ferrari in August 2018, Benjamin Cavalli and Francois Monnet lead the South and North Asia wealth management businesses respectively.
At the end of the quarter, Credit Suisse had a total of 1.35 trillion francs in assets under management.
