It would appear that so far, 2001 has been a good year for Credit Suisse First Boston, with news that its European research group has moved up six places to the second slot for best overall research in a recent Reuters survey, and its recent coup in scooping the top prize for research on Institutional Investor's European poll. David Mathers, co-head of European equity research at CSFB claims that the improved results are due at least in part, to the additional research efforts of Donaldson, Lufkin and Jenrette, who were taken over by CSFB last October. However, for the individual online investor, the take-over appears to have had other, unforeseen consequences…
Credit Suisse Group, Europe's sixth largest bank, has abandoned the UK section of its online investment and banking venture, it was revealed on Friday. Global Investor Portfolio, which went live in November 2000, was intended to target UK based mass affluent investors with more than £30,000 ($43,400) to invest, allowing them to deal on fifteen stock markets, hold cash in four currencies, and shop for mutual funds in its online 'supermarket'.
However, despite having said in November that a 'significant investment' had been made in the Global Investor Portfolio venture, the Group has announced that the service will no longer operate in the UK because it has decided to concentrate on developing DLJ Direct (acquired last year) as its main UK online share-dealing and investment arm. As originally proposed, the service would have put Credit Suisse in direct competition with a similar online venture put forward by Merrill Lynch and HSBC which is still slated to go ahead, and, it is hoped, will go fully live this Spring.
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