Credit Suisse US Private Banking Unit Poaches Citi Broker Team - Report

Tom Burroughes

2 June 2008

The US private banking unit of Credit Suisse has hired a seven-person team of retail brokers from Citi, including top-rated financial advisor Richard Zinman, according to an internal memorandum, Reuters reported.

Mr Zinman's team, formed in 2001, managed about $6.5 billion for about 200 wealthy families, Credit Suisse spokesman David Walker, was quoted by Reuters as saying. He confirmed the contents of the memo.

Also joining Credit Suisse was Anthony Dertouzos, who co-led the Citi Global Wealth Management team with Mr Zinman.

It was the second high-profile wealth management appointment for Credit Suisse in as many months. Late last month, its Los Angeles office hired a team from Goldman Sachs that managed $8.8 billion for about 100 families.

Mr Zinman in 2007 was ranked third in Barrons annual ranking of the 100 best financial advisors.