Indosuez Wealth Management, Western Europe’s best for ultra-high-net-worth (UHNW) clients, has made impressive strides in developing its franchise in this crucial segment of the wealth management market.
UHNW assets make up around 50% of Indosuez’s assets under management. It is also growing rapidly in this area of the market. In the year under review, the bank onboarded 25 new clients entrusting the firm with more than €100 million each ($109 billion), compared to 12 in the previous two years. This segment of its client base is also registering high rates of client satisfaction, according to a survey by research agency CSA.
One vital step for the firm’s UHNW franchise in Western Europe was the 2024 acquisition of the Belgium firm Degroof Petercam, which has a complementary client profile to Indosuez. But Indosuez has also reoriented its wider team to better address the needs of UHNW clients. In 2020, it created a private investment banking division in order to better serve exceptionally wealthy individuals and families.
More broadly, it created bank-wide coverage for UHNW individuals in line with its One Bank approach, including the recruitment of UHNW managing directors in different parts of the bank. It also set up dedicated UHNW divisions in core European markets such as France, Switzerland, Luxembourg and Monaco. The UHNW teams meet online each month to share best practices and optimise international coordination.
While Crédit Agricole as a group is France’s largest retail bank, support for the UHNW clientele goes to the top of the organisation. Indosuez group chief executive Jacques Prost is, in effect, the senior coverage manager for UHNW clients. He meets every client and follows the relationship over time. Segment bankers report directly to him, sending him a monthly update on all UHNW clients.
Sophisticated and tailored financing solutions, in volume – thanks to Indosuez’s collaboration with other Crédit Agricole entities – are also a big part of the appeal. One example was a €420 million financing – for a French billionaire whose family holding company holds stakes in France and abroad – when the client needed a capital increase for one of the holdings. Another was its work as lead manager for a €150 million green equity release for a client in Monaco, to renovate buildings for high-end rental and environmental standards.
One vital step for the firm’s UHNW franchise in Western Europe was the 2024 acquisition of the Belgium firm Degroof Petercam, which has a complementary client profile to Indosuez
Other markets of differentiation include its private equity offering, which has posted strong returns in a tough environment, as well as connections to philanthropic and startup networks, and new investment in its digital platform.
“Indosuez’s UHNW teams can be described as a ‘family office’,” says Olivier Ravet, head of UHNW clients. “Over time, we focus on building loyal and transgenerational relationships with our clients, their family, and any other related entities, to support them at every stage of their lives, which enables Indosuez to repeat business with our clients.”
