Credit Suisse yesterday announced the launch of a new pan-European online investment service aimed at wealthy individuals. The Global Investor Portfolio account, which can be accessed at www.credit-suisse.net, is available initially in the UK and Germany, but will be extended all over the EU in due course.
The main product roll-out will be carefully phased through 2000 and 2001, beginning with some core investment products and building gradually into a new kind of online global investment and personal finance advice service. UK and German private clients can pre-register for the investment service, as can residents of Belgium, Denmark, Finland, Ireland, Italy, Luxembourg, the Netherlands, Spain and Portugal, to whom the service will come later.
Already in place is a comprehensive information service for the individual investor, which encompasses an account of key business events globally. The site will also summarise financial commentary on a large number of stocks. In October clients will be able to begin investing and share dealing through their Global Investor Portfolio account, which will offer share dealing in 15 stock markets including London, Frankfurt and New York (four of them available in real time from the outset); investment funds from Credit Suisse Asset Management and four other leading investment houses, and deposits may be made in four major currencies – Sterling, US dollars, Swiss Francs and Euros.
Thomas Wellauer, CEO of Credit Suisse Financial Services, said of the new investment service: 'Our offer is specifically designed for the 40 million people identified as Europe’s "new affluents". These are the people who have gained most from the years of economic growth, rising incomes and rising stock markets – but feel the investment services they receive have not improved in line with their new-found affluence.'
Credit Suisse aims to sign up 1 million of these individuals over five years, building up more than US$28bn worth of funds under management. To achieve this, the offering will ultimately be made available through new channels namely digital television and mobile commerce instruments such as WAP.
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