Credit Suisse First Boston (CSFB), which currently provides investment banking, research, sales and trading services to institutional investors in Canada, is moving into the high net worth business. Last week, CSFB announced the expansion of its Private Client Services (PCS) business into Toronto and Montreal, which will be headed up by Stuart Raftus, formerly of Merrill Lynch in New York.
CSFB currently has over 550 private client advisors globally. These advisors are focused on the financial services needs of high net worth individuals and smaller institutional clients. Mr Raftus said in a statement: 'This is a huge opportunity to bring a unique high net worth platform to the Canadian marketplace. CSFB is a strong global franchise and I am looking forward to leading the charge to expand the PCS business into Canada.'
Mike Campbell, Global Head of Private Client Services and Managing Director, added: 'We are delighted to be launching operations in Canada and with Stuart's extensive experience and leadership, we are confident that CSFB will become a valuable resource to high net worth individuals for the best financial products and advice.'
Tom Barber, Chairman and CEO of CSFB Canada, commented: 'With the addition of the Private Client business, we are continuing to strengthen our platform in Canada. We will soon be able to offer CSFB's outstanding products and services to the high net worth client — previously, these were only available to the institutional and corporate client in Canada.'
CSFB is a unit of Zurich-based Credit Suisse Group. Its services include securities underwriting, sales and trading, financial advisory services, investment research and retail online brokerage services.
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