WASHINGTON - The Federal Reserve Board has extended another investment advisory service to banks, giving Credit Suisse of Zurich permission on June 30 to provide discretionary portfolio management services for futures and options on nonfinancial commodities.
To obtain approval, Credit Suisse agreed to limit the service to institutional customers who specifically request it.
The Fed said this activity closely mirrors other investment advisory services that bank holding company affiliates provide. Also, it said the Comptroller of the Currency permits national bank subsidiaries to provide similar advice.
The service also will increase competition and provide the bank's customers with added convenience, the Fed said.
Credit Suisse controls $158.7 billion in assets and operates in several U.S. cities, including New York, Los Angeles, Atlanta, and Miami.
It will provide the investment advice through BEA Associates, its New York City-based subsidiary.