People Moves
Credit Suisse Takes A Dozen Wealth Managers From Rival In Mexico
The war for talent in emerging markets has reportedly seen one Swiss bank grab a group of wealth managers in Mexico from its main rival.
Credit Suisse has hired 12 wealth managers in Mexico from UBS, the Financial Times reported, citing unnamed sources.
This publication understands that only about 12 employees are expected to leave and therefore a figure as high as 30, as the FT story said was possible, is incorect; it also understands that UBS is in the process of hiring new staff and investing in the Mexico business. UBS declined to comment on the matter.
The report said the Mexico hires are part of an emerging markets
expansion strategy by the Zurich-listed lender. It said that
Iqbal Khan, the division’s head, has set Mexico as one of his
target markets, as well as Russia, the Middle East and
Brazil.
WealthBriefing understands that such a move shows how
Mexico is an important market for Credit Suisse and its rivals.
When contacted, Credit Suisse declined to comment.
