Credit Suisse announced that its mainland China joint venture with Founder Securities, Credit Suisse Securities (China), will launch a wealth management business after obtaining three licences, according to an internal memo seen by FSA.
“We are pleased to have received these licences as it marks a key milestone in offering wealth management services onshore in China, which is the fastest growing wealth market in the world,” said Edwin Low, Apac CEO at Credit Suisse.
Apart from launching its wealth management arm, the licences will also enable the Swiss bank to expand its securities trading and research activities with clients in mainland China.
The three licenses are the investment consultancy licence, proprietary trading licence, and an expanded brokerage licence.
The brokerage licence allows the joint venture to create and distribute equity research products in China, engage in principal trading activities for cash management and expand its securities brokerage services nationwide compared with only the Qianhai area currently.
In preparation for the launch of its wealth management business in China, Credit Suisse also announced that it plans to double the number of relationship managers onshore in China.
In addition, it appointed Jing Wang as the CEO of Credit Suisse Securities (China) in September last year.
Credit Suisse reached an agreement to take full ownership of the joint venture from Founder Securities last September.
Apac WM appointments
In a separate announcement, the Swiss bank said that it has named two new senior staff members within its Apac wealth management arm, according to an internal announcement seen by FSA.
Jerome Tan, who has been with the firm for over 15 years, was promoted to managing director and head of investment consulting for the Singapore location.
He will report to Sascha Banz, head of advisory and sales for Apac.
In his new role, Tan is responsible for overseeing and managing the sales strategy in Singapore and working with product specialists to deliver the bank’s products to clients.
Prior to this appointment, Tan was leading the investment consultants Singapore and Malaysia team. This team is now being led by Jun Chih Hsu, the firm told FSA.
Credit Suisse has also hired Lok-hin Tsui from UBS as director and investment consultant for the Singapore and Malaysia Market.
Based in Singapore, Tsui joined the bank on March 6.
Tsui boasts 18 years of experience in the wealth management industry having also worked for DBS, Standard Chartered Bank and Merrill Lynch previously.