Credit Suisse looking for buyers for JO Hambro wealth manager
CREDIT Suisse is looking for a buyer for JO Hambro Investment Management, a small asset manager it bought in 2000.
It is understand that the bank is “considering its options” for offloading the business, which is a separately run operation within Credit Suisse’s private bank.
It is not clear how much it can get for the unit, however, which it is believed to have bought for £100m. JOHIM has managed money for rich individuals, particularly hyper-wealthy Americans, in a collection of offshore and onshore funds since 1986. It employs about 100 people in its St James’ office.
Banks are increasingly keen on buying wealth and asset managers in order to find a source of income that is less volatile than investment banking. Even so, it is believed that Credit Suisse could make a loss on the business.