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Credit Suisse to buy Morgan Stanley EMEA wealth management unit

Credit Suisse (CS) announced that it has signed an agreement to acquire Morgan Stanley’s (MS) wealth management businesses in Europe, Middle East and Africa. excluding Switzerland. The businesses with a total of over $13B of assets under management are based in the UK, Italy and Dubai, serving predominantly international Ultra High Net Worth and High Net Worth clients across Europe. The businesses acquired will be integrated into Credit Suisse’s Private Banking & Wealth Management division. The acquisition is structured as an asset purchase for the businesses involved. Subject to satisfying certain closing conditions, it is expected to close later this year.