Credit Suisse, Switzerland’s second-largest lender, has launched a unit at its Hong Kong office that will provide services for family offices. The move comes after demand for such services increased significantly over the past years, said François Monnet, head of wealth management in North Asia, according to a statement released by the bank.

The unit will develop and market private investment vehicles for very wealthy clients based in China and Hong Kong. It will also provide clients with services relating to managing the succession at family-owned companies.

Credit Suisse appointed Tan Mea Shen as head of the family office unit.