Credit Suisse Private Banking To Acquire FLCM

by Carla Johnson, Investors Offshore.com

05 September 2001

The private banking division of Credit Suisse, one of the world's largest private banking operations, has entered into a 'binding agreement' to buy Frye-Louis Capital Management (FLCM) the Chicago-based specialist investment management company, for an undisclosed sum.

With approximately 300,000 customers Credit Suisse Private Banking specialises in individually-tailored investment advisory and professional portfolio management services. In a statement released by CEO Oswald Grubel said: 'I am pleased that FLCM has elected to join forces with us. Their philosophy of maintaining extremely close relationships with their clients is fully consistent with ours, and I am confident that they will find us a most supportive parent for the growth they are pursuing.'

Under the terms of the agreement, FLCM will retain its name and operate as a autonomous unit under the Credit Suisse umbrella. FLCM currently boasts assets of around US$1.5 billion and provides financial planning and investment management services to ultra-high net worth individuals and wealthy families in the United States, targeting clients with assets in excess of US$30 million.

'Our clients and employees will benefit from the synergies this partnership affords,' said President and CEO of FLCM, Peter R Frye. 'As part of the Credit Suisse family, we will maintain our boutique approach to serving clients while at the same time gain access to additional resources and expand our national presence in this market.'

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