Credit Suisse’s wealth management (WM)
business recorded an 8% dip in income before taxes to CHF623m
($710m) in the first three months of 2011 compared with the same
quarter last year, weighed down by higher operating expenses.
Strong asset inflows buoyed the Swiss lender
with WM bringing in net new assets of CHF15.7bn – an increase of
almost 8% on an annual basis.
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Credit Suisse said that since 2008 it has
pulled in total client asset inflows of CHF140bn.
Barclays income boosted by HNW
gains
Barclays Wealth profit before tax in the first
quarter was up 2% from the first quarter of last year to £46m
($76m).
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By GlobalDataBarclays group finance director Chris Lucas
said that profits at Barclays Wealth grew by 14% driven mainly by
its high net worth business.
He said the wealth manager expected to invest
just under £100 million this year in its Gamma Plan.
The bank’s wealth management business already
invested £17m in Gamma in the first quarter, compared
with £7m in the same period last year.
Gamma Plan is Barclays’s £350m investment in
its technology, people and platforms to make it one of the
world’s top three wealth managers in the next four to five
years.
Client assets increased 1% in the first three months of the year
to £166bn.
