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July 26, 2021

Credit Suisse hires new asset management head from UBS

By Verdict Staff

Credit Suisse has named UBS’ David Kruck as chief of staff at its asset management unit, effective from 1 August 2021.

Kruck will report to newly appointed head of the Swiss bank’s asset management division, Ulrich Körner.

Körner, who also joined the firm from UBS in April, was hired as part of the bank’s revamp of its asset management business following the implosion of around $10bn of funds linked to short-term debt fund Greensill Capital.

At UBS, Kruck served as chief of staff for the president of the Asset Management business. He was also a group executive board sponsor for sustainability and impact.

Koerner told employees in an internal memo seen by Reuters and confirmed by the bank: “David Kruck will join Asset Management as Chief of Staff, effective August 1, 2021, reporting to me.”

Meanwhile, Credit Suisse has elevated ad interim chief of staff Henning Wechsung the division’s head of strategy.

“Their expertise in asset and wealth management, combined with their strategic mindset, will be very valuable as we continue to define our future path in line with Credit Suisse’s overall strategy,” Koerner was quoted as saying in the memo.

Recent appointment at Credit Suisse

Earlier this month, Credit Suisse appointed Janice Hu as China CEO as part of its strategy to accelerate the planned expansion of its franchise and presence in mainland China.

The firm also named Joanne Hannaford as its new chief technology and operations officer and a member of the executive board of the group, effective 1 January 2022.

In May this year, Credit Suisse appointed Gabriele D’Agosta as head of private banking Italy as well as head of Italian operations.

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