A team of relationship managers from Goldman Sachs has joined the Los Angeles office of Credit Suisse’s Private Banking USA.
The team is led by Managing Directors J. David Tracy and Charles Tharnstrom and Directors Christopher Chapin and Leonard Kortekaas, and will report to Jeff Kiley, head of the Los Angeles office. The group manages assets for more than 100 families.
“We have made great strides toward establishing Credit Suisse as a leading wealth manager in the US targeting high-net worth and ultra-high net worth individuals and families. The addition of this outstanding team is another indication that the best Relationship Managers in the US are choosing Credit Suisse as the best place to serve their clients,” says Anthony DeChellis, head of Private Banking Americas.
“In our discussions, Messrs. Tracy, Tharnstrom, Chapin and Kortekaas were particularly impressed with Credit Suisse’s commitment to open architecture and our focus on the integrated bank to deliver the capabilities and insights of the whole firm to meet the range of needs of wealthy individuals and families. We are confident that their clients will see great value in that commitment,” says Peter Skoglund and Paul Simons, co-heads of Private Banking USA.
“This team fully recognizes the benefits of Private Banking USA’s boutique positioning. Our culture and exclusive focus on high net-worth and ultra-high net worth clients allows our relationship managers and our clients direct access to our specialists and solutions specifically designed for them,” adds Kiley.
The team has worked together since 2001, serving many of Goldman Sachs’ largest high-net-worth and ultra-high-net-worth clients in the Southwest region. Tracy joined Goldman Sachs in 1998 and has been advising Private Wealth Management clients for more than 14 years. Tracy earned an MBA in Finance from University of California Los Angeles’ (UCLA) Anderson School of Management and a BA in Economics and Business from UCLA.
Tharnstrom joined Goldman Sachs in 2001. Prior to his position there, he led Morgan Stanley’s Wealth Management business in Europe. He also ran their Private Wealth Management Division in the Southwest before that. Tharnstrom had spent 10 years as an Investment Banker working primarily on Public Infrastructure Financings with William R. Hough & Co. and then Morgan Stanley. He received a JD from the University of Florida, a LLM in Taxation from New York University and a BSE from Duke University.
Chapin was with Goldman Sachs since 1997 and has been advising Private Wealth Clients for over six years. Before joining Private Wealth Management, he worked in the firm-wide Funding and Treasury Group. Prior to joining Goldman Sachs, Chapin worked at Price Waterhouse LLP in New York. He received an MBA from the University of Connecticut and a BS in Finance from the University of Rhode Island.
Kortekaas joined Goldman Sachs in 1994, spending his first five years in the Institutional Equities Group in New York, Los Angeles and San Francisco. He earned an MBA in Finance from UCLA’s Anderson School of Management and a degree from the US Military Academy at West Point.
Private Banking USA operates out of 16 offices across the United States and works with a select number of wealthy individuals and family groups to provide a high degree of personalised service. Private Banking USA works closely with all areas of Credit Suisse, providing clients with many of the same resources and services offered to the Bank’s largest and most sophisticated institutional investors.