Credit Suisse set up an impact investing division just over one year ago. A reorganization of the unit is costing two veterans of the Swiss bank their roles.
Marisa Drew (pictured below) was appointed head of Credit Suisse's impact advisory and finance, or IAF, unit in December 2017. The long-time investment banker who joined Credit Suisse to build up its leveraged finance origination business in 2003, reports directly to CEO Tidjane Thiam, who has thrown his weight behind the project.
The division coordinates investments for both private and institutional clients with a social return and thus support the bank’s philanthropic consulting services, as finews.com reported at the time.
Thirteen months on, Drew is reorganizing her team: green solutions head Fabian Huwyler and IAF investment solutions and products boss Anja Hochberg have lost their roles, finews.com has learned. Both worked in the IAF area for less than one year.
Credit Suisse Vets
Hochberg is a managing director and 18-year veteran of Credit Suisse. Before moving to Drew's team, Hochberg was head of investment for Switzerland, and later head of investment services.
Huwyler (pictured above) has been with Credit Suisse for more than 12 years. Unlike Hochberg, who is a recent mover to the impact space, he has more than ten years experience with sustainable investing.
Employees Moved
Other members of Drew's team in Zurich will be moved to investment services and products, or ISP, which is overseen by Credit Suisse investment chief Michael Strobaek. They remain tied to Drew via a «dotted line» organizationally, meaning they no longer report directly to her.
Credit Suisse said it would be easier to get sustainable investments to clients following the reorganization, as well as to improve their relevance for clients, the bank said in an internal memo.
