Credit Suisse announced that it has made structural changes to Its Asset Management Business in effect from 1 April 2022.
In a recent press release shared with Finance Magnates, Colin Fitzgerald, who was previously the CEO of Invesco Asset Management Ltd, Jo McCaffrey, who recently left her position as Global Head of Product at PineBridge Investments, and Filippo Rima, who was the Head of Credit Suisse Asset Management Switzerland/EMEA, have been appointed by Credit Suisse, a Swiss-based financial services firm, to be its Global Head of Distribution, Global Head of Product and Global Head of Investment, respectively.
This structure was announced back in November to draw in investment from bankers and channel the funds to its wealth management department. This is all in hope that it will break free from its string of scandals, which has cost billions of dollars.
According to Reuters, a spokesman for Credit Suisse stated that these new global roles will assist in the expansion of its asset management distribution capabilities, broaden its mark in Europe and Asia as well as fire up development where it intersects between investment and distribution. Also, the new investment position will enable it to augment sustainable investment offers.
On top of that, Credit Suisse stated that its private banking in Switzerland will become a component of its Swiss business from 1 April 2022 as opposed to being a constituent of the recently established wealth management unit. Additionally, in the announcement, the Swiss bank also commented on regional heads in the division and repeated its plans to obtain net new asset growth in excess of 4% per year by 2024.
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Credit Suisse finds itself in a further controversial situation where the Swiss bank was exposed by an immense data leak. The data leak showed that the private bank has accepted deposits from numerous unsavoury individuals, leading to a breakdown in its due diligence. The leaked accounts collectively held $100 billion in deposits. However, some of these deposits have been involved in drug trafficking, money laundering, corruption and other serious crimes.
