The changes mean that Credit Suisse no longer has a central UHNWI segment management team for the business area; Blake Shorthouse, head of UHNWI Western Europe, is to pursue other opportunities, WealthBriefing understands.

The bank will maintain its UHNW individual coverage model, including the investment manager function and each market area will continue to have dedicated UHNWI segment heads.

It is understood that Romeo Lacher, head of private banking for Western Europe at the Zurich-listed firm, will personally take responsibility for the overall UHNW strategy.

The role and functions of Viviane De Angelis and her private label fund coverage team in Luxembourg will not change, but report to Thomas Baumann, UHNWI segment head of the Germany/Luxembourg/Austria market area.

Key tasks of the UHNWI advisory and sales team will move to Product Management Western Europe, led by Ignacio Martos. Key tasks of the chief operating officer function will move to Lacher.

Credit Suisse, along with its peers, has recently reported third-quarter figures.The private banking and wealth management arm of the bank reported pre-tax income of SFr1.018 billion ($1.14 billion) in the third quarter of this year, up from SFr936 million a year ago and up from SFr917 million in the previous three months. This part of Credit Suisse reported a cost income ratio of 68.3 per cent, declining from 70.6 per cent a year before. Private banking and wealth management recorded net new assets of SFr8.1 billion in 3Q13. The wealth management clients arm contributed net new assets of SFr3.2 billion with continued strong inflows from emerging markets and from the ultra high net worth individual client segment, partially offset by continued cross-border outflows in Western Europe.