February 6, 2019 / 12:23 PM / 5 months ago

CORRECTED-MOVES-Credit Suisse hires JP Morgan, J. Safra Sarasin bankers in LatAm push

(Corrects Rodrigo Pitre Mendez’s previous employer to J. Safra Saran (not Morgan Stanley))

By Brenna Hughes Neghaiwi

ZURICH, Feb 6 (Reuters) - Credit Suisse is hiring senior wealth managers from rivals JPMorgan and J. Safra Sarasin as part of a push to grow its business in Latin America as quickly as it grows its Swiss client base.

Switzerland’s second-biggest bank has made five senior appointments in its Geneva and Zurich-based offices to boost business managing money for Latin America’s wealthy, according to an internal memo seen by Reuters.

It plans further hires in coming months, including at local South and Central American offices, a source familiar with the plans said.

“To grow our regional capabilities further we need to not only develop our internal talent... but also attract external talent,” LatAm Head Jorge Fernández Amann told employees in an internal memo.

He added that the bank would have a stronger local presence in Mexico, Chile and Colombia.

Ricardo Castillo will join Credit Suisse as Latin American head of advisory and sales, and also lead the bank’s investment consulting team for Argentina, Chile, Uruguay and Paraguay (ConoSur), according to the memo.

Castillo previously held the role of global investment specialist covering ultra-high net worth individuals at JPMorgan.

The bank said it had hired Marco Pacheco Romero, Andres Martin Cazenave — also from JPMorgan — and Rodrigo Pitre Mendez — previously of J. Safra Sarasin and, earlier in his career, Morgan Stanley — as senior relationship managers, all based in Geneva.

In January, it hired Maria Vega Ibañez De La Cruz as Zurich-based deputy head of client management for ConoSur.

The bank rejigged its regional organisation at the International Wealth Management unit in August, dividing Southern and Central America into Brazilian and Latin America regions, with Marco Abrahão leading Brazil while Fernández Amann assumed leadership of the remaining markets.

The bank’s business servicing wealthy and ultra-wealthy clients managed 45 billion Swiss francs ($45 billion) in assets in Brazil at the end of September, with 25 billion Swiss francs in assets under management in the remaining LatAm region.

$1 = 1.0007 Swiss francs Reporting by Brenna Hughes Neghaiwi; Editing by Kirsten Donovan

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