McDonagh will take on the Universal Investment CEO role on January 1 2024.
David Blumer, who has been leading the group as interim CEO, will continue as chairman from that date and continue to support the management team.
McDonagh has held international leadership roles for over 25 years with a focus on business growth and service.
Most recently, she was group chief operating officer of Credit Suisse Group where she led a number of initiatives and aiding the bank’s integration into UBS earlier this year.
Prior to that, she was group CEO of Bank of Ireland, where she repositioned the firm over a five-year period.
Her focus will be to drive growth through geographical expansion and M&A, as well as supporting Universal Investment as it continue to boos tits offering to existing and new clients.
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Blumer said: “We are proud to have Francesca, one of the most well-known leaders in European banking, join us as Universal Investment Group’s new CEO. With her strong growth and execution track record as well as her client focus, Francesca is the ideal person to lead the next phase of the group’s growth and service evolution. I look forward to supporting her and the management team in driving further internationalisation as well as the ongoing development of our technological and operational capabilities.”
McDonagh added: “I very much look forward to joining the Universal Investment Group team and to making the business a truly global leader in its field. Further internationalisation will be key to accelerating Universal Investment’s successful growth trajectory, enabling the firm to be an even better partner for its clients within and beyond Europe.”
Earlier in October, Universal Investment Group appointed Etienne Rougier as country head of Luxembourg.