Banks are fighting for the rich: the institutes have to prepare for tough competition.
(Photo: Getty Images/Caiaimage)
Zurich, Frankfurt Robert Cielen has big plans: the head of asset management in Europe at Credit Suisse is currently putting together a team for the German market. His goal: “We want to double the assets under management in Germany within five years.”
So far, Credit Suisse has served the German market from Zurich – but from October, Cielen’s private bankers will also be recruiting new clients from Frankfurt. “Onshoring” is the entry into a local market in the financial sector.
But Credit Suisse is not alone with its plan: LGT, the bank owned by the Liechtenstein royal family, also wants to open a new presence in Germany this year. Florian Dürselen, designated board member and head of private banking at LGT, says: “The German private customer market is very interesting for us. We want to make better use of our local potential.”
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