Strategy
Stenham Group, Credit Suisse Launch Channel Islands Wealth Business

Asset management and private wealth management group Stenham has enhanced its presence in the Channel Islands in collaboration with the Swiss bank.
Stenham Group has teamed up with Credit Suisse to launch Stenham Wealth Management in the Channel Islands in a deal that will see the new company act as an external asset manager for Credit Suisse in the Channel Islands and elsewhere.
The launch follows the introduction to Stenham of a large number of local clients by Credit Suisse as it winds down direct client coverage in the Channel Islands. The bank’s existing clients in the Channel Islands will be transferred to Stenham Wealth Management, where they will have access to a wealth advisory service, as well as Credit Suisse’s wealth management products, services and lending solutions.
Supported by Credit Suisse’s external asset manager offering, the new business will also offer a range of global custody and transaction services.
Four Credit Suisse investment employees will move over to Stenham Wealth Management, including David Baker, who will head up the new business, based in Jersey. He most recently led Credit Suisse’s Jersey office. Before joining Credit Suisse in 2013, he spent 20 years with UBS.
Meanwhile, Allan Stewart, Ian Blackman and Adrian Starr will join as directors, responsible for investment management and advisory services. Stewart and Blackman will join Baker in Jersey and Starr will be based in Guernsey. They have all worked together at Credit Suisse in the Channel Islands for several years.
“This strategic move adds strength and depth to the Stenham Group’s award-winning multi-disciplinary financial services business, with a long tradition of serving local clients and adding to the already significant Channel Islands’ footprint,” said Stenham Group's deputy chairman, Edwin Wulfsohn.
“Credit Suisse has been present in the Channel Islands for thirty years and, looking ahead, we remain committed to providing wealth management services to our clients locally; both through our network of CS offices as well as in alliance with qualified companies such as Stenham,” said Roy McGregor, Credit Suisse’s chief executive for the Channel Islands.
Stenham Group has six operating companies in the Channel Islands. It is majority-owned by Peregrine Holdings, which has a strong presence in South Africa as well as businesses in the Channel Islands and the UK.