Credit Suisse memo reveals asset management changes

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Credit Suisse has has told staff it intends to become a “leading global asset manager” as it announces a series of new regional heads within the business, including Michel Degen, who will become head of asset management for Switzerland and EMEA.

An internal memo from Eric Varvel, global head of asset management, told staff the new organisational structure would “drive regional empowerment, efficiency, focus and accountability, while retaining the benefits of a global asset management business”.

The contents of the memo, seen by Fund Strategy, have been confirmed by the bank.

Varvel says alongside core businesses, Degen will be responsible for alternative funds solutions and Credit Suisse Energy Infrastructure Partners.

Michael Strobaek, who has been heading asset management in Switzerland, will remain global chief investment officer and head of investment solutions and products for international wealth management.

Tim Blackwell will report to Degen as he continues to manage the real estate business.

“Real Estate has been one of the most profitable activities in the Asset Management portfolio and the importance of growing this business further on a global basis remains a critical component of Asset Management’s strategy in the future,” the memo stated.

Harald Réczek will continue to oversee Swiss and EMEA distribution.

In North America, deputy global head of asset management Bill Johnson will become the regional head, while retaining his existing duties.

Michael Levin continues to lead asset management Asia Pacific with ICBC Credit Suisse Asset Management “one of the region’s most important partnerships and an area for growth” reporting to him.

The asset manager’s global chief of staff, Mike D’Angelo, and global chief operating officer, Peter Norley, will continue their roles on a global basis.