News Column

Morgan Stanley Sheds Overseas Wealth-management Clients

March 27, 2013

Swiss bank Credit Suisse said on Wednesday that it had agreed with Morgan Stanley to take over the US company's wealth management operations in Europe, the Middle East and Africa.

Morgan Stanley manages more than 13 billion dollars for super-rich clients in these regions.

Credit Suisse's wealth management arm had a total of 798.5 billion Swiss francs (841.7 billion dollars) of client assets on its books last year.

The accounts that are to change hands under the deal are concentrated in Britain, Italy and Dubai.

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Source: Copyright 2013 dpa Deutsche Presse-Agentur GmbH

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