1st Boston Link Gives Credit Suisse Private Clients an Edge

Credit Suisse's private bank is now providing institutional-style investment banking to individual clients through a joint venture with sister subsidiary CS First Boston.

Through the deal announced Wednesday, the investment banking house will take on Credit Suisse clients in need of large-scale trading and associated research.

The joint venture between the two subsidiaries of Zurich-based CS Holding gives Credit Suisse's wealthy clients a window on First Boston's distribution of equity and bond offerings, which are normally bought by institutional investors.

"This is for the client who has an interest in a particular security and wants to buy it like an institution would, at an institutional price," said Barry R. Sloane, the North American regional head of private banking for Credit Suisse.

Though this new alliance, a private client can make a direct purchase of newly issued securities without having to pay the commissions charged by a retail broker, Mr. Sloane said.

He added that last month's new issue of debt in the Walt Disney Co. - the largest bond offering in U.S. history - is a prime example of a investment situation that a private client would want to get directly in on.

CS First Boston recently reduced the size of its private-client sales department and the alliance with Credit Suisse's private bank allows it to fill in the gap.

The private bank, which has $2 billion of assets under management in North America, will hire three executives in New York, Miami, and Los Angeles to work as client liaisons for clients to the investment bank.

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