Credit Suisse beefs up for retail funds market
Credit Suisse has scored a coup by poaching high-profile business development executive Clayton Coplestone for its fledgling retail funds management business.
The recruitment of the former Tyndall national business development manager boosts the Credit Suisse retail team to eight as it prepares to launch funds on the market in March.
Another high-profile industry figure, former NRMA executive Brian Thomas, moved to Credit Suisse about six months ago to head the retail group, assemble the retail team and prepare for the group's retail launch.
Thomas has since "hand picked" a number of experienced players, including two from his former employer.
Coplestone had been with Tyndall for just over a year after departing Equitilink when the group decided to exit retail funds management and concentrate on wholesale.
"It was a tough decision but the opportunity to be part of the launch of a major international player was too tempting," Coplestone says.
Credit Suisse has built a strong presence in the Australian wholesale market, gaining more than $7 billion of funds under management.
Thomas says the push into retail is part of a world-wide strategy to build retail distribution at a time when some groups are departing the Australian retail market.
"Around the world there is a strong movement towards individual choice and the importance of financial planning. We intend to capitalise on that trend and our strong brand name," Thomas says.
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