Credit Suisse private bankers to get UBS research

afr.com:

Credit Suisse’s private bankers will start getting access to UBS’ institutional equities research as the pair integrate their $5 billion shotgun marriage sealed last month.

Credit Suisse’s 110-person team of wealth managers will soon be able to provide clients with UBS research, which at present covers 230 stocks across more than 25 sectors on the ASX, people familiar with the discussions told The Australian Financial Review. UBS’ cash equities business is a market leader, according to IRESS data.

UBS will have to carve out space for Credit Suisse’s private banking arm as the pair advance their integration. Louie Douvis

Research capabilities are pivotal for the broader functions of wealth management and investment banking, as it often guides financial advisers on investing decisions, while capital markets bankers rely on the data for transacting on behalf of corporate clients.

Credit Suisse’s private bank, led by Michael Marr, could move into UBS’ offices in Sydney’s Chifley Tower before the end of the year, but this timeline will depend on the availability of desk space and implementation of information technology and computing hardware.

The integration of Credit Suisse’s wealth management arm is unique in Australia because UBS does not currently offer private banking services in the country. It spun off the business through a management buyout in 2015, which is now called LGT Crestone.

UBS’ return via Credit Suisse will see it go toe-to-toe with its former wealth management team, while Morgan Stanley and JBWere also service the country’s wealthiest individuals.

Nick Hughes, UBS Australasia’s joint country head and chief operating officer, previously said he looked forward to welcoming Credit Suisse’s Australian private