Credit Suisse has signed a deal to recommend its hedge fund clients move over to BNP Paribas, which is hoping to capitalise on the Swiss bank’s withdrawal from prime broking services in the wake of the Archegos scandal.
Rivals circling Credit Suisse’s prime brokerage, which serves hedge funds, have a chance to pick up customers as the Swiss bank all but exits the business, which racked up $5.1bn of losses this year following the collapse of family office Archegos Capital.
New Credit Suisse chair António Horta-Osório unveiled a sweeping overhaul of the group last week, including a broader plan to streamline the investment bank and consolidate its wealth management division.
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