Swiss bank's Private Banking USA unit sharpens appeal to high-end advisors. Credit Suisse's Private Banking USA unit has pulled in a seven-member wealth-management team from Citigroup's Global Wealth Management division. The group is led by managing directors Richard Zinman and Anthony Dertouzos, who report to Matthew Gorman, head of Private Banking USA's New York office.

Zinman, whose team managed $7.6 billion in client assets in 2006, took the third slot on Barron's list of top U.S. advisors last year. Dertouzos was the sixth most productive advisor under age 40 in 2007, according to On Wall Street.

Zinman and Dertouzos joined Citi from Banc of America Securities in 2001.

Peer to peer

In April 2008, Private Banking USA lifted out a Los Angeles-based team, led by David Tracy and Charles Tharnstrom that advised more than 100 high-net-worth families when it was with Goldman Sachs.

"Credit Suisse's momentum in attracting the best talent in the U.S. is truly extraordinary," says Anthony DeChellis, head of Zurich-based Credit Suisse's private-banking operations in the Americas. "This team is widely recognized in the industry for their exceptional ability to serve the complex needs of high-net worth and ultra-high net worth individuals."

Paul Simons, who co-heads Private Banking USA with Peter Skoglund, says the Zinman-Dertouzos team was "quick to recognize [Credit Suisse's] unique value proposition in the marketplace and the benefits to their clients of our integrated bank strategy."

For the last year or so, an important component of Credit Suisse's "value proposition" to U.S. clients, and to potential recruits to its private bank, has been its Center for Wealth Planning, a consulting service of its Private Banking USA's Family Wealth Management multifamily-office group.

In effect, the Center for Wealth Planning exists to ensure that the tax, estate, insurance, philanthropic and needs of Private Banking USA clients are managed appropriately and synchronized with their investment strategies and to provide wealth-education services.

Voices of experience

"The Center for Wealth Planning is about bringing the best expertise to bear on behalf of our clients in support of Credit Suisse' ambition to become the primary advisor to ultra-high-net-worth individuals and families," says Family Wealth Management head William Woodson. "We have already seen a gigantic increase in usage by [Private banking USA] private bankers and it's been effective in helping our recruiting efforts."

Credit Suisse acquired FamilyWealth Management -- originally a non-commercial multifamily office centered on some of the descendents of Samuel Curtis Johnson, founder of the SC Johnson floorwax company -- in 2001. With an investable-asset minimum of $50 million, the Chicago-based group now manages about $2 billion for approximately 25 families.

Among other firms that stress in-house consulting on working with ultra-wealthy clients are Citi, UBS, Morgan Stanley and Merrill Lynch. A number of asset managers, third-party investment-platform providers, technology vendors and -- particularly in the RIA realm -- custodians provide similar services.

Credit Suisse Private Banking USA is a unit of Credit Suisse Securities USA.

Citi's Global Wealth Management consists of Smith Barney, Citi Private Bank and Citi Investment Research. -FWR

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