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March 2, 2022

Credit Suisse strengthens asset management arm with senior hires

Credit Suisse has made three senior appointments for its asset management unit, which is set to operate under the company’s new structure from next month, reported Reuters.

The latest appointments include two external hires as well as an internal promotion, a spokesperson for Credit Suisse Asset Management told the news agency.

The Swiss wealth manager has hired Colin Fitzgerald from Invesco as head of distribution and Jo McCaffrey from PineBridge Investments as global head of product.

The firm also promoted Filippo Rima to the position of global head of investment.

The new global functions will help Credit Suisse bolster its asset management distribution capabilities, expand its Europe and Asia presence, the spokesperson said.

It is also expected to drive innovation at the intersection of investment and distribution and help expand sustainable investment offers.

Credit Suisse is targeting a net new asset growth of over 4% per year by 2024.

The Zurich-headquartered firm announced a new strategy in November last year after it was hit by Archegos and Greensill explosions.

A recent report by Reuters said that Credit Suisse is set to bring Private Banking Switzerland under its Swiss business, rather than a part of the newly set up wealth management unit.

The move is said one of the initial changes the firm is making under the new strategy presented by former chairman Antonio Horta-Osorio.

Horta-Osorio resigned from his role as Credit Suisse chairman in January this year, following an internal investigation into his personal conduct including violations of Covid-19 quarantine rules.

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