Private Banks

Credit Suisse’s Key Tokyo Private Banker Leads Exodus to LGT

Bloomberg reports Yoshitaka Nagakura, a senior private banker at Credit Suisse Group in Tokyo, left to spearhead a new operation for LGT Private Banking in Japan.

Bloomberg reports that Nagakura started earlier this year as market head for Japan, where LGT is in the process of setting up a new private banking business, the people said, asking not to be identified as the move isn’t public. He is among about two dozen former Credit Suisse staff who have joined or are in the process of joining the firm, the people said.

LGT’s push into Japan comes amid fierce competition for private wealth management in Asia, where the region’s billionaires outnumber their U.S. counterparts. Banks from Sumitomo Mitsui Financial Group Inc. to Goldman Sachs Group Inc. are stepping up efforts to manage more money for the wealthy in Japan where households hold more than half of their 1.95 quadrillion yen of assets in cash and deposits, according to Bank of Japan data.