Credit Suisse is reorganizing the Swiss asset management business as part of its strategic restructuring process. It has appointed a set of well-known people to supervise the division.
The new Swiss legal entity of Credit Suisse Asset Management (Schweiz) AG will start operating at the end of the month, pending the necessary approval by Swiss regulator Finma.
Moving the Swiss asset management into a separate entity is an important step in the implementation of the strategic goals of the bank, CS said in a statement today.
Strengthen Identity
It is designed to enable the Swiss asset management to take full advantage of it growth potential and to strengthen the identity as an independent wealth manager.
Bruno Pfister, a former Swiss Life CEO, will act as chairman of the new unit. His deputy is Peter Norley, COO of Credit Suisse Asset Management. Ruedi Noser, a Swiss liberal politician and businessman, will serve as an independent member on the board. The CS managers Beat Schwab, Michael Strobaek, Patrick Tschumper and Beat Zeller will also serve as members of the board.
Michael Degen will remain in charge of the unit. He also runs the asset management unit in EMEA.
