The Single Family Office service is tailored to the specific needs of large family-owned enterprises. While every family and its needs are unique, adopting professional governance practices can help them achieve their goals for wealth, enterprise and legacy in a coordinated manner and provide support in coordinating worldwide bankable and non-bankable assets. The Credit Suisse Single Family Office service allows families to leverage the strength of their enterprise, providing them with risk controls around the family fortune, coordinating between various service providers or acting as a facilitator between different family members, and assisting in setting up a family governance model by defining the guiding principles of the family.

India is home to a 158,000 dollar millionaires and this number is expected to rise by 53% to 242, 000 by 2017 according to the latest research conducted by Credit Suisse in its annual Global Wealth Report. While some of the wealth owned by UHNWI and HNWI is inherited, it is estimated that almost 42% of the Indian billionaires today are 'self made.' Given that the wealth of these self-made billionaires is in many cases generated out of success of their business ventures, business and personal wealth are often interchangeable at the early stage of wealth generation. As the wealth and the business grow, there is a need to create formal structures that demarcate between the two.

Traditionally, wealth management firms in India have focused mainly on providing basic investment and advisory services to their clients. The rising wealth with large-business families has created a need for an offering that provides a comprehensive range of services around asset allocation, estate planning, corporate finance, administrational management and philanthrophy initiatives. The increasing complexity of the needs of these clients, coupled with rising economic and social complexity, has driven the need for providing a more organized and an institutional framework for managing their wealth and legacy. The Credit Suisse Single Family Office service aims to address these needs.

Mihir Doshi, CEO India,Credit Suisse, said: “Credit Suisse is highly committed to the Indian market and has strengthened its presence in India over the last seven years. The launch of the Single Family Office service is a milestone for wealth management in India. The need for managing and growing family wealth has led to an increase in the importance of a trusted family office, and we are priviledged to be able to offer this valuable service in India.”

Raj Sehgal, Market Leader Indian Sub-Continent and Non Resident Indian (NRI) business Credit Suisse, said: "Significant wealth carries great responsibility. A proactive family office allows a family to structure its wealth to ensure continuity of values and objectives, while freeing up family members to pursue endeavors that are most important to them."

Vedika Bhandarkar, Vice Chairman India, Credit Suisse, said: “Collaboration across Wealth Management and the Investment Banking divisions is a key enabler for Credit Suisse to deliver the best of our products and capabilities. The launch of the Single Family Office service is a step forward in our ability to serve entrepreneurs in India with solutions tailored to their individual as well as business needs."