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Credit Suisse Launches Single Family Office Service in India


Zurich/Mumbai - Credit Suisse today announced the launch of its Single Family Office service in India. This is an important milestone in the implementation of Credit Suisse’s growth strategy. The Single Family Office service will strengthen the bank’s product offering to the fast-growing segment of Ultra-High-Net-Worth (UHNWI) and High Net-Worth Individuals (HNWI) in India.

The Single Family Office service is tailored to the specific needs of large family-owned enterprises. While every family and its needs are unique, adopting professional governance practices can help them achieve their goals for wealth, enterprise and legacy in a coordinated manner and provide support in coordinating worldwide bankable and non-bankable assets. The Credit Suisse Single Family Office service allows families to leverage the strength of their enterprise, providing them with risk controls around the family fortune, coordinating between various service providers or acting as a facilitator between different family members, and assisting in setting up a family governance model by defining the guiding principles of the family.

India is home to a 158,000 dollar millionaires and this number is expected to rise by 53% to 242, 000 by 2017 according to the latest research conducted by Credit Suisse in its annual Global Wealth Report. While some of the wealth owned by UHNWI and HNWI is inherited, it is estimated that almost 42% of the Indian billionaires today are ’self made.’ Given that the wealth of these self-made billionaires is in many cases generated out of success of their business ventures, business and personal wealth are often interchangeable at the early stage of wealth generation. As the wealth and the business grow, there is a need to create formal structures that demarcate between the two.

Traditionally, wealth management firms in India have focused mainly on providing basic investment and advisory services to their clients. The rising wealth with large-business families has created a need for an offering that provides a comprehensive range of services around asset allocation, estate planning, corporate finance, administrational management and philanthrophy initiatives. The increasing complexity of the needs of these clients, coupled with rising economic and social complexity, has driven the need for providing a more organized and an institutional framework for managing their wealth and legacy. The Credit Suisse Single Family Office service aims to address these needs.

Mihir Doshi, CEO India,Credit Suisse, said: “Credit Suisse is highly committed to the Indian market and has strengthened its presence in India over the last seven years. The launch of the Single Family Office service is a milestone for wealth management in India. The need for managing and growing family wealth has led to an increase in the importance of a trusted family office, and we are priviledged to be able to offer this valuable service in India.”

Raj Sehgal, Market Leader Indian Sub-Continent and Non Resident Indian (NRI) business Credit Suisse, said: “Significant wealth carries great responsibility. A proactive family office allows a family to structure its wealth to ensure continuity of values and objectives, while freeing up family members to pursue endeavors that are most important to them.”

Vedika Bhandarkar, Vice Chairman India, Credit Suisse, said: “Collaboration across Wealth Management and the Investment Banking divisions is a key enabler for Credit Suisse to deliver the best of our products and capabilities. The launch of the Single Family Office service is a step forward in our ability to serve entrepreneurs in India with solutions tailored to their individual as well as business needs"

This document was produced by and the opinions expressed are those of Credit Suisse as of the date of writing and are subject to change. It has been prepared solely for information purposes and for the use of the recipient. It does not constitute an offer or an invitation by or on behalf of Credit Suisse to any person to buy or sell any security. Any reference to past performance is not necessarily a guide to the future. The information and analysis contained in this publication have been compiled or arrived at from sources believed to be reliable but Credit Suisse does not make any representation as to their accuracy or completeness and does not accept liability for any loss arising from the use hereof.

Cautionary statement regarding forward-looking information
This press release contains statements that constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act. In addition, in the future we, and others on our behalf, may make statements that constitute forward-looking statements. Such forward-looking statements may include, without limitation, statements relating to the following:
– our plans, objectives or goals;
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Words such as “believes,” “anticipates,” “expects,” “intends” and “plans” and similar expressions are intended to identify forward-looking statements but are not the exclusive means of identifying such statements. We do not intend to update these forward-looking statements except as may be required by applicable securities laws. By their very nature, forward-looking statements involve inherent risks and uncertainties, both general and specific, and risks exist that predictions, forecasts, projections and other outcomes described or implied in forward-looking statements will not be achieved. We caution you that a number of important factors could cause results to differ materially from the plans, objectives, expectations, estimates and intentions expressed in such forward-looking statements. These factors include:
– the ability to maintain sufficient liquidity and access capital markets;
– market and interest rate fluctuations;
– the strength of the global economy in general and the strength of the economies of the countries in which we conduct our operations, in particular the risk of a US or global economic downturn in 2008;
– the direct and indirect impacts of continuing deterioration of subprime and other real estate markets;
– further adverse rating actions by credit rating agencies in respect of structured credit products or other credit-related exposures or of monoline insurers;
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– the effects of, and changes in, fiscal, monetary, trade and tax policies, and currency fluctuations;
– political and social developments, including war, civil unrest or terrorist
– activity;
– the possibility of foreign exchange controls, expropriation, nationalization or confiscation of assets in countries in which we conduct our operations;
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– the ability to increase market share and control expenses;
– technological changes;
– the timely development and acceptance of our new products and services and the perceived overall value of these products and services by users;
– acquisitions, including the ability to integrate acquired businesses successfully, and divestitures, including the ability to sell non-core assets;
– the adverse resolution of litigation and other contingencies; and
– our success at managing the risks involved in the foregoing.
We caution you that the foregoing list of important factors is not exclusive. When evaluating forward-looking statements, you should carefully consider the foregoing factors and other uncertainties and events, as well as the information set forth in our Form 20-F Item 3 – Key Information – Risk Factors.


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