Credit Suisse has created a single family office service in India to cater to the country’s fast-growing ultra-high net worth and high net worth population.
Credit Suisse is expanding its services to better suit the specific needs of large family-owned enterprises as the number of millionaires in India expected to rise by 53% to 242, 000 by 2017.
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While most of the billionaires in India inherited their fortune, the latest research conducted by Credit Suisse in its annual Global Wealth Report found that a significant 42% of today’s Indian billionaires are ‘self made’.
The need to manage growing and diverging business and personal wealth is becoming necessary.
"The need for managing and growing family wealth has led to an increase in the importance of a trusted family office," said Credit Suisse India CEO, Mihir Doshi.
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Credit Suisse will provide a wider range of products such as asset allocation, estate planning, corporate finance, administration management and philanthropy initiatives.
This move comes after the decision from the Swiss bank to relocate dozens of back-office jobs from Singapore to India and Poland in an effort to cut costs by the end of 2013.
"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," said Vedika Bhandarkar, Credit Suisse Vice Chairman in India.
