Michael Marr Credit Suisse Head of Private Banking Australia
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Credit Suisse Hires Nicole Dunn as Private Banking Team Leader in Australia, 1.8 Million HNWs in Australia

19th July 2021 | Singapore

Credit Suisse, the Swiss banking group with more than $1.75 trillion managed assets (CHF 1.59 trillion), has hired Nicole Dunn as Private Banking Team Leader in Australia in the Swiss bank continued expansion of private banking in Asia-Pacific, with Nicole joining from National Australia Bank (NAB) where she was the Director of Investor Sales.  Nicole Dunn will work alongside Credit Suisse Private Banking Australian Team Leaders, Chris Gray, Joerg Koeppenkastrop and Joe Azoulay, and will report to Michael Marr,  who is Credit Suisse Head of Private Banking Australia.  Australia is one of 6 countries in Asia-Pacific with more than $1 trillion GDP ($1.39 trillion) and is home to one of the largest HNWs in Asia-Pacific with 1.8 million HNWs (China, Japan, Australia), with Credit Suisse private banking AUM in Australia growing more than 3x since 2016.    (AUM ~ Assets under Management, HNWs ~ High net worth)

“ Credit Suisse Hires Nicole Dunn as Private Banking Team Leader in Australia, 1.8 Million HNWs in Australia “

 




Nicole Dunn, Credit Suisse Australia Private Banking Team Leader

Credit Suisse Zurich
Credit Suisse Zurich

Nicole Dunn joins Credit Suisse from National Australia Bank (NAB), where she was the Director of Investor Sales.  Nicole has more than 20 years of wealth management experience and prior to NAB, she was with FC Funds Management, BT Financial Group (Private Wealth) and ANZ (Global Markets).

 

Michael Marr Credit Suisse Head Of Private Banking Australia Wide Headshot
Michael Marr Credit Suisse Head of Private Banking Australia
Credit Suisse Head of Private Banking Australia, Michael Marr:

“We are delighted to have someone of Nicole’s caliber join Credit Suisse Australia to help build on our continued momentum in our Private Banking business, where we have tripled AuM since 2016. Nicole brings a wealth of expertise and experience and importantly is a proven business builder.

She has a successful track record of new client acquisition and growing existing and new revenue streams within businesses that specialise in single and multi-asset class solutions.”

 

Australia, $1.39 Trillion GDP & 1.8 Million HNWs

Sydney Australia 1
Sydney Australia

Australia is one of the largest economy in Asia-Pacific with more than $1.39 trillion GDP (2020) and with 25.6 million population.  Australia is also one of 6 countries in Asia-Pacific with more than $1 trillion GDP ($1.39 trillion) and is home to one of the largest HNWs population in Asia-Pacific with 1.8 million HNWs.  The top 3 countries in Asia-Pacific with the most HNWs are China, Japan and Australia.

14 Countries in Asia-Pacific are in the top 50 largest economy in 2020.  The 14 countries are China, Japan, India, South Korea, Australia, Indonesia, Thailand, Philippines, Singapore, Hong Kong, Malaysia, Bangladesh, Pakistan and Vietnam.  The 14 countries have a combined GDP of $29.3 trillion, representing 33.47% of global GDP of $87.7 trillion.

  1. China: $14.3 trillion
  2. Japan: $5.08 trillion
  3. India: $2.86 trillion
  4. South Korea: $1.64 trillion
  5. Australia: $1.39 trillion
  6. Indonesia: $1.11 trillion
  7. Thailand: $543 billion
  8. Philippines: $376 billion
  9. Singapore: $372 billion
  10. Hong Kong: $365 billion
  11. Malaysia: $364 billion
  12. Bangladesh: $302 billion
  13. Pakistan: $278 billion
  14. Vietnam: $261 billion

 

Credit Suisse Expansion Drive, 7 New Private Bankers

Credit Suisse Benjamin Cavalli Wide 1
Credit Suisse Head of Private Banking South Asia and CEO Singapore, Benjamin Cavalli

In July 2021, Credit Suisse appointed Joyce Low as the new Market Leader for Malaysia in a newly created role with immediate effect (5/7/21).  The announcement by Credit Suisse Market Group Head of Singapore, Malaysia and South Asia Switzerland Jin Yee Young also includes appointing Wee Ing Peng as the new Team Leader for Malaysia, assuming the role vacated by Joyce Low, reinforcing Credit Suisse commitment to grow talent from within and retaining the best people in the industry.

In June 2021, Credit Suisse hired Malcolm Tay as Deputy Group Head & Market Leader for Indonesia.  An accomplished banker with stellar reputation in the private banking industry (Deutsche Bank, Citi Private Bank, Merrill Lynch), Malcolm joins Credit Suisse Private Bank as Deputy Group Head & Market Leader for Indonesia after 18 years at Deutsche Bank, where he last held the role of Group Head of Southeast Asia of Deutsche Bank International Private Bank.

Indonesia is home to one of the fastest growing billionaires and UHNWs in Asia, and is one of 5 largest economy in Asia with more than $1 trillion GDP (China, Japan, India, South Korea, Indonesia) and the largest economy in Southeast Asia (GDP $1.1 trillion).

Credit Suisse Head of Private Banking South Asia Benjamin Cavalli also made the announcement of 6 Private Bankers joining Credit Suisse: Arleen Sy, Klara Chan, Voragun Thunyasthukul, Patchai Suratwisit, Vaidyanathan Narayanan and Rohit Narayanan.

  • Arleen Sy, Senior Relationship Manager (Philippines Market) in Hong Kong
  • Klara Chan, Senior Expert Relationship Manager (South Asia Switzerland Team) in Switzerland
  • Voragun Thunyasthukul, Senior Relationship Manager in Thailand
  • Patchai Suratwisit, Relationship Manager in Thailand
  • Vaidyanathan Narayanan, Relationship Manager (India Market) in Singapore
  • Rohit Narayanan, Relationship Manager (India Market) in Singapore

Private bankers typically manages $100 million to $300 million of assets, with the most senior and top private bankers managing assets of $300 million to $1 billion and top UHNW private bankers can manage book size of $500 million to $2 billion.

Credit Suisse: We have made more than 100 net hires in 2021 year to date in APAC across all levels, front-to-back, including 30 relationship managers in Private Banking in the first quarter.

Credit Suisse:

 

Credit Suisse Key Leadership Appointments in Asia

Credit Suisse Dominique Boer Wide
Credit Suisse Market Group Head Singapore, Dominique Boer

Credit Suisse Private Bank has been making numerous key leadership appointments recently, growing from within including appointing Lock Keng Cheong (Lock KC) as the new Market Group Head Greater China in Singapore, Dominique Boer as the new Market Group Head Singapore and Alois Müller, Credit Suisse’s Head of Global Private Equity, has taken on the additional newly created role as Head of Private & Alternative Markets Asia-Pacific.

Investment Consulting Team Leader for Thailand & Vietnam Tammy Tan was appointed the new Team Leader for Thailand, and Vietnam Market and Greater China Team Leader John Huang was appointed as the new Greater China Market Leader.

(HNW ~ high net worth, UHNW ~ ultra high net worth)

 

Credit Suisse, $1.75 Trillion AUM

Credit Suisse Hong Kong
Credit Suisse Hong Kong

In 2021 Q1, Credit Suisse reported total AUM of $1.75 trillion (CHF 1.59 trillion). Credit Suisse has 3 main business groups: Swiss Universal Bank, International Wealth Management (Private Banking) and Asia Pacific. The 3 business groups are supported by Credit Suisse Investment Bank.  (AUM ~ Assets under Management)

For Asia Pacific, Credit Suisse reported CHF 241.9 billion AUM with 630 Relationship Managers in 2021 Q1.

Credit Suisse Assets under Management (AUM):

  • Swiss Universal Bank – Private Clients: CHF 213.1 billion
  • Swiss Universal Bank – Corporate & Institutions: CHF 487 billion
  • International Wealth Management – Private Bank: CHF 386.2 billion
  • International Wealth Management – Asset Management: CHF 458 billion
  • Asia Pacific: CHF 241.9 billion
  • Total: CHF 1.59 trillion / $1.75 trillion

(Net CHF 1.59 trillion AUM after reducing CHF 190.2 billion from assets managed by Credit Suisse Asset Management within International Wealth Management)

 

Credit Suisse Growing Fast in Asia

China City 3
Shanghai Pudong City | Leading Financial Centre in Asia

Credit Suisse continues to grow in Asia, and focusing on accelerating growth in North Asia including China.  In Q1 2021, Credit Suisse hired 30 Private Bankers in Asia-Pacific.

Credit Suisse APAC reporting highlights for 1Q 2021:

  • CS APAC delivered record net revenue and adjusted pre-tax income (PTI
  • APAC regional revenue +39% YoY and 20% of Group revenue
  • Client Business Volume at $419 billion
  • APAC division pre-tax income more than doubled YOY
  • Net New Assets $5.4 billion in 2021 Q1

 

Credit Suisse:

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Credit Suisse

Credit Suisse is one of the world’s leading financial services providers. Our strategy builds on Credit Suisse’s core strengths: its position as a leading wealth manager, its specialist investment banking capabilities and its strong presence in our home market of Switzerland. We seek to follow a balanced approach to wealth management, aiming to capitalize on both the large pool of wealth within mature markets as well as the significant growth in wealth in Asia Pacific and other emerging markets, while also serving key developed markets with an emphasis on Switzerland.

Credit Suisse employs approximately 49,090 people. The registered shares (CSGN) of Credit Suisse Group AG, are listed in Switzerland and, in the form of American Depositary Shares (CS), in New York.

Visit: Credit Suisse



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