The head of Credit Suisse's investment arm is has poached a widely-known expert from a rival German boutique, finews.com can exclusively reveal.
The Swiss bank has hired Bjoern Jesch as the head of investment management in a unit which tailors solutions for ultra-wealthy clients, according to a memorandum seen by finews.com.
The banker comes from Union Investment, a Frankfurt-based fund management house, and will report to Michael Strobaek, Credit Suisse's top investment chief and head of ISP, or Investment Solutions and Products. The unit seeks to customizes strategic advice, individual investment tips, and other services to the super-rich.
Jesch replaces José Antonio Blanco, who will hand over the reins to the investment sub-unit after four years. It wasn't immediately clear whether Blanco, a well-known banker who like Strobaek rose through the asset management ranks at rival UBS, will leave the Zurich-based bank.
Frankfurt Heavyweight
After Strobaek moved to Credit Suisse almost five years ago, he poached Blanco to join him. The Swiss banker led a push to professionalize and institutionalize the investment arm, including setting up a so-called «house» view.
Jesch is also an industry heavyweight: he was named European CIO of the year in 2016 while still at Union, where he oversaw 250 billion euros. His departure from the Frankfurter firm reverberated through the asset management industry last month. Prior to Union, Jesch spent six years at Deutsche Bank as investment chief in private banking.
