There had been speculation for some time that Credit Suisse, which has been restructuring part of its business operations, might spin off the JOHIM business
Credit Suisse has agreed to sell its JO Hambro Investment Management business, with assets of around £3.6 billion ($4.61 billion), to Bermuda National Limited, in a deal coming a few days after the Swiss bank agreed to buy part of Morgan Stanley’s international wealth management business.
There had been speculation for some time that Credit Suisse, which has been restructuring part of its business operations, might spin off the JOHIM business, which employs over 100 staff including 25 portfolio managers. Credit Suisse has owned the JOHIM business for 12 years.
The transaction is subject to regulatory approval.
Related
In October last year, Credit Suisse sold its London-based Clariden Leu (Europe) business to Falcon Private Bank. On the other hand, this week it announced it had bought the EMEA private wealth management business of Morgan Stanley.
In the latest move, the acquirer of JOHIM is a Bermuda-listed financial services holding company created to own financial institutions, including banks and investment advisory businesses. Its major investor is Utilico which is a UK listed international investment group with a diversified portfolio of businesses.
Read more on wealth management from Spear’s
Content from our partners
Don’t miss out on the best of Spear’s articles – sign up to the Spear’s weekly newsletter
