Credit Suisse has launched a new initiative to target gay clients in the UK, believing it can gain a competitive edge in the market for the pink pound, but other wealth managers are either reluctant, or toning down dedicated services.

The Swiss wealth manager said it plans to target high net worth individuals in their 30s and 40s. Led by Credit Suisse gay adviser Stephen Connolly, the service will provide all the traditional private banking services but also advice on specific issues like civil partnership and adoption.