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Credit Suisse hires new staff in Latin America

Zurich-based bank Credit Suisse has hired 16 staff from its Swiss rival UBS AG to capitalise on moneyed clients in the Mexican market.

The new staff will bolster the company's asset management team in the fast-growing economies in Latin-American territories.

They will be overseen in their new roles by Credit Suisse's head of private banking in the Americas Anthony DeChellis.

Credit Suisse spokesman David Walker told Bloomberg: "The hiring of this team is in line with Credit Suisse's overall strategy to strengthen its Latin American wealth- management business, where we already have a leading role."

News of the hires follows Credit Suisse acquiring a controlling share in Hedging-Griffo, a Brazil-based asset management company, for $294 million as it pursues a policy of expansion in the region.

Last month Goldman Sachs added to its current staff of fund managers and analysts to form a new banking unit in Brazil, which in the largest economy in Latin America.

UBS meanwhile has filled the vacated positions with its existing staff.