The Swiss bank's money management unit is replacing its head of equities. The appointment follows a high-profile departure after a $10.1 billion line of supply chain funds imploded.
Zurich-based Credit Suisse is naming Angus Muirhead as the equities chief of its battered asset management business, effective September 1, according to an excerpt of an internal memo made available to finews.com on Monday.
A Credit Suisse managing director, Muirhead (pictured below) takes over the job from Filippo Rima, who in turn last month took over the top fund job in Switzerland as well as Europe, the Middle East, and Africa last month. Muirhead will keep his current role running a thematic equities team as well as lead portfolio manager of Credit Suisse's robotics investing strategy.
Rima, who had led the unit's equities team for 16 years, was switched in for Michel Degen, who was removed in March, one day after Greensill applied for administration in the U.K. Degen was the architect of Credit Suisse's supply chain fund products, following an introduction by ex-GAM boss David Solo, as finews.com reported in March.
Removal Of Unit Chief
Degen was quietly removed from the commercial registry of Credit Suisse's domestic asset management arm last week, as Swiss blog «Inside Paradeplatz» (in German) first reported. He told finews.com that he is still employed with the bank, but relinquished the job of CEO of Credit Suisse's asset management in Switzerland.
The unit's Greensill troubles have roiled the bank and led to the removal of Eric Varvel as chief of the overall money management business. Varvel, who as recently as December had touted the supply chain funds, remains head of the Swiss lender's U.S. activities.
