Credit Suisse adds Britain’s Hambro to expanding asset list
Credit Suisse said on Thursday it had completed its acquisition of the British investment bank, JO Hambro, strengthening its presence in the UK market.
The move comes two months after the Swiss bank won approval to take over the US investment bank, Donaldson, Lufkin and Jenrette.
Credit Suisse announced that it intended to buy JO Hambro last month. No purchase price has been disclosed. The deal is subject to normal regulatory approval.
Hambro, with client assets of SFr3.8 billion ($2.11 billion), will retain its name and operate as an autonomous unit under the umbrella of Credit Suisse Private Banking.
Credit Suisse said the acquisition would improve its private banking position in Britain. JO Hambro specialises in providing personal investment services to wealthy clients.
Customers include private individuals, families and charities that typically have a portfolio of over SFr2.5 million.
At the end of September, Credit Suisse had managed assets of around SFr1.5 trillion making it the third biggest asset manager behind UBS and Fidelity.
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