The personal financial services arm of Credit Suisse Group in Hong Kong has stepped up efforts to attract high-income earners with its first membership club. Credit Suisse Privilege managing director Dallas Reid says it hopes to achieve US$2 billion under management by 2007, up from the HK$1.5 billion it manages at the moment. At yesterday's launch of Club Suisse Mr Reid said: 'About 8,000 existing customers will be our first club members and we are aiming to add 3,000 a year.' Club members need a monthly income of more than HK$20,000, he said, but estimated about 400,000 middle to senior managers in the SAR had disposable incomes of up to HK$1 million a year and the firm hoped to attract 1 per cent of them. Club Suisse will offer customers seminars and exclusive exhibitions to differentiate itself from rivals who are targeting the same market. 'We believe we can beat other banks . . . and we are confident about competing with HSBC's privilege club,' Mr Reid said. He pointed out the company planned to spend HK$6 million as an ongoing annual investment in the club. Hong Kong banks, which are facing mounting pressure on profits amid the sluggish economic environment, are rapidly expanding into wealth management and personal financial services. Mr Reid said his company had 85 financial advisers and 800 insurance agents to pitch to its clients. The company also had invested HK$40 million to upgrade its computer system, allowing customers around the clock Internet access to the various services on offer. It would also widen its fund choices to appeal to more investors, Mr Reid said.