In colossally bad timing, the wife of Credit Suisse’s top asset manager until last month is showcasing the U.S. couple’s years-long renovation of a Provence luxury property.
When Utah native Shauna Varvel vacationed in Provence the first time, she was a lot like many Americans who fall in love with the sun-drenched region in southern France: equal parts tantalized and flummoxed by the lack of staff or amenities like a dryer.
Unlike most Americans, the Varvel family later bought an 18th century farmhouse just outside Avignon before speaking a word of French. After refurbishing it, they are renting it out as a luxury venue – and Shauna Varvel is publishing a $49.50 coffee-table book on the experience.
Amid Fund Blow-Up
The book author-Rhône valley homeowner is married to Eric Varvel, the Credit Suisse veteran who oversaw asset management until he was replaced last month, amid the blow-up of the Swiss bank’s Greensill supply chain funds. He had touted the funds as a key part of the Swiss bank's offering in December, despite regulatory cautions.
The book is the culmination of the Varvels’ journey from in 2015 buying Le Mas des Poirier, set on 65 acres including a pear orchard, swimming pool and tennis court, through an extensive refurbishment of the house and gardens.
«Utmost Luxury» Redo
Six years later, Le Mas des Poirier (image of living room, below, from www.provencepoiriers.com) is open for business, providing «true seclusion and privacy» for holiday and events. The Varvels hired a Utah chef to run its kitchen and staffed the former farmhouse with a full housekeeping and laundry service.
A nearby cottage was converted for personnel «because many of our guests come with security or staff,» Shauna Varvel said in an interview with «The Times» (behind paywall) to promote the book.
The interior is redone to the «utmost luxury» including sumptuous Pierre Frey fabrics, Four Seasons beds and bedding, and a tech upgrade to include wifi, Apple TV, an Xbox, an in-built Sonos sound system, and a gym in its attic complete with Peleton bikes.
Bending To French Rules
The project done, husband Eric has tired of perusing countryside brocantes for antique treasures: «We used to do it all the time together, but now he says decorating the house is more like a job and he already has one of those,» Shauna Varvel told «The Times».
French tax rules require the Varvels to rent the property out. «The rentals seemed a bit overwhelming but we felt that it would probably be nice families that would want to rent in Provence,» Varvel wrote in the property’s blog, which includes the family's favorites like fabled St. Tropez beach club, Club 55 (image below, from www.provencepoiriers.com).
«We decided that we would rent the minimum number of weeks required by the government and we just jumped in!». The property is a family affair, though the Varvels aren’t able to visit currently due to France restricting foreign travel.
Startling Contrast
Though the book release was likely planned long in advance, it is nevertheless a startling contrast to the crisis facing Greensill, over which Eric Varvel was demoted. The supply chain specialist's insolvency as well as Archegos are roiling Credit Suisse, where last month top executives relinquished some pay.
In more than 30 years at Credit Suisse or CSFB, Eric Varvel likely did well financially: he has variously overseen its Asian activities, its investment bank, and most recently its overall activities in Europe, the Middle East, and Africa.
«Toxic» Bonus Pool
Varvel, whose pay was never disclosed, was one of a cohort of bankers under ex-CEO Brady Dougan who benefited from a plan to wrap Credit Suisse's undesirable assets following the 2008/09 financial crisis into a bonus pool. The Swiss bank backstopped the first $500 million in losses from the fund's assets, which later reportedly gained as much as 75 percent by 2012.
Though he remains at Credit Suisse despite being replaced in the asset management job, Varvel has lost backing from some Credit Suisse board members, the «Financial Times» reported on Friday. He is a key contact to the Middle East, which is one of the Swiss bank's staunchest allies.
Oddly, he is the second Credit Suisse executive in the headlines over a luxury residence in as many months: director Kai Nargolwala won a legal battle over a $7.7 million Thai luxury villa in March. In 2008, Credit Suisse paid the Singaporean banker 20.8 million Swiss francs ($23 million) to make him whole from Standard Chartered.
Worldly Family
Besides Shauna Varvel, two of the couple’s five children are involved in managing Le Mas des Poirier. The business includes a web shop selling Provence items like the classic woven market basket ($75) to Americans. Credit Suisse has sent the Varvels, who met while both were studying at Brigham Young University, to London, Singapore, Tokyo, and Jakarta.
Now at home in Connecticut, they can’t wait to get back to France, where the close-knit family found «everything was a little slower in Provence and the time that we spent together was a little sweeter,» according to Le Mas des Poirier’s blog.
