London’s Crossbridge Capital sets up Singapore unit seeking $1bn

CROSSBRIDGE Capital, a London wealth manager set up by former Credit Suisse bankers, has joined the chase for Asia’s tycoons and set up a Singapore unit seeking $1bn of new assets, its chief executive said.

Chief executive Tarek Khlat said yesterday that Crossbridge hoped to reach the target, a 50 per cent increase in assets under management, within three years through the new business division, which opens today. The plans mark a significant strategic move for the company, part owned by Swiss bank Julius Baer, beyond its established Middle Eastern, London-focused client base.

Crossbridge currently manages about $2bn in assets from its London base, with an average account size of $20m. It is seeking 50 new client relationships to hit its target.