Magazine article American Banker

CSFB Talks of Big Growth Plans for Private Client Unit

Magazine article American Banker

CSFB Talks of Big Growth Plans for Private Client Unit

Article excerpt

CSFB Private Client Services plans to roughly double the size of its operation -- now nine offices and 250 advisers -- in the next three to five years, its new top executive says.

The expansion will come through acquisition as well as organic growth, said Gary A. Neuser, the UBS executive who last week became the global head of the unit. Jeffrey J. Salzman had the title until October, when he was made its chairman. Since Richard Thornburgh, an executive vice chairman of Credit Suisse First Boston, had been running it.

Mr. Neuser said Friday that the private-client -- based in Boston and with offices in New York, Baltimore, Atlanta, Miami, Dallas, Chicago, San Francisco, Los Angeles, and Palm Beach, Fla. -- is well established in all the "prime markets" of the United States.

"From these locations, I think we can cover the vast majority of private wealth in the country," he said. "There may an exceptional new region that pops up here and there -- Phoenix may grow by leaps and bound -- but for now we are focused on these regions."

For now the unit will focus on the United States for now, Mr. Neuser said, but over time there may be more opportunities abroad.

He said he plans to work closely with Credit Suisse to help the business develop. "This is a unique boutique business associated with a one of the largest and most powerful private bank in the world," he said.

Mr. Neuser was a senior vice president at UBS Wealth Management, which was created by the merger of UBS Private Bankers and Warburg Financial Advisors. He oversaw their integration.

He came to UBS in 2000 from Merrill Lynch, his employer for 23 years. He was the director of marketing for Merrill Lynch International when the firm entered private banking.

"We built a private bank and a private banking platform specifically to work with high-net-worth international clients," he said. …

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