The Credit Suisse financial group said on Tuesday that its private banking division has signed an agreement to acquire Frye-Louis Capital Management (FLCM) for an undisclosed sum.
The Chicago-based company specialises in financial planning and investment management for wealthy and ultra-high net worth people, targeting those with assets of more than $30 million (SFr50.55 million). FLCM currently oversees client assets of about $1.5 billion.
Under terms of the agreement, FLCM will retain its name and current location and operate as an autonomous unit under the umbrella of Credit Suisse Private Banking.
A statement said the acquisition would permit FLCM clients to benefit from the extensive financial expertise, solutions and resources of the Credit Suisse group as a whole.
The partnership would enable Credit Suisse Private Banking to further implement its strategy to expand in the investment banking sector.
"I am pleased that FLCM has elected to join forces with us. Their philosophy of maintaining extremely close relationships with their clients is fully consistent with ours and I am confident that they will find us a most supportive parent for the growth they are pursuing," commented Oswald Grübel, chief executive officer of Credit Suisse Private Banking.
FLCM is currently owned by Peter R. Frye, the Louis family and management of the company.
swissinfo with agencies