Credit Suisse launches digital advisory platform in HK, S'pore

Credit Suisse has launched a digital advisory platform in Hong Kong and Singapore that will allow clients to invest in portfolios tailored to their needs.

Called Credit Suisse Invest, the platform is available to professional investors and accredited investors maintaining accounts with the bank's Hong Kong and Singapore booking centres.

In Singapore, accredited investors are defined as individuals with at least $2 million in net personal assets or $300,000 in annual income.

The new digital advisory platform will supplement the bank's existing app for private banking clients. The app has a section dedicated to Credit Suisse Invest.

Credit Suisse Invest will allow clients to invest in lower-cost retrocession-free share classes of funds, exchange-traded funds and hedge funds where available.

Retrocession fees are "finders' fees" that are paid to advisers or distributors from asset managers.

Mr Francesco de Ferrari, Credit Suisse's head of private banking for the Asia-Pacific, said 90 per cent of assets are still managed on a non-discretionary basis across the private banking industry in Asia.

Credit Suisse aims to "enable clients to become better investors" by helping them transition from having their assets managed on a transactional basis to "an institutionally-driven asset allocation process with structured portfolio construction", he said. "The transparency of fees and availability of retrocession-free offerings are also a vital step in aligning the interests between our clients and the bank."

Ms Tan Wei Mei, Credit Suisse's head of portfolio solutions for the Asia-Pacific, said Credit Suisse Invest was introduced in the bank's Switzerland booking centre in 2015 and now has more than 45 billion Swiss francs of assets under contract in these advisory solutions across the globe.

"Credit Suisse Invest is not what is commonly referred to as 'robo-advisory'," she said. "Instead, it is a highly individualised and tailored advisory solution that takes into account the client's needs, objectives and preferences, with the client making the final decisions on their chosen solutions."

A version of this article appeared in the print edition of The Straits Times on July 13, 2017, with the headline 'Credit Suisse launches digital advisory platform in HK, S'pore'. Print Edition | Subscribe