The Swiss bank is permanently replacing Michel Degen, the long-time leader of its asset management business in Switzerland and the wider European, Middle East, and Africa region, finews.com has learned.
Zurich-based Credit Suisse named Filippo Rima (pictured below) is the permanent head of asset management in Switzerland as well as in Europe, the Middle East, and Africa, a person familiar with the matter told finews.com. A Credit Suisse spokesman confirmed the appointment of Rima.
Rima was standing in for the previous head, Michel Degen, who Credit Suisse removed shortly after a $10 billion line of funds co-managed with Greensill blew up. The asset management unit is now the subject of a wider, extensive strategy review which is roiling the Swiss wealth manager.
It named Ulrich Koerner its new chief, dispatched a key lawyer to the unit, and began trying to claw back money from some of Greensill's assets, prime among them those controlled by British industrial investor Sanjeev Gupta. The turmoil upended a credit fund which had been set to launch earlier this year, as finews.com reported on Wednesday.
Wider Strategy Review
Rima, the new head, a managing director who has been with Credit Suisse since 2005, was most recently head of equities in the asset management division. Degen remains with the Swiss bank, without a clear role, two people familiar with the matter said.
Credit Suisse's reevaluation of its asset management strategy amid the supply chain troubles were quickly subsumed by a far wider review under new Chairman António Horta-Osório of its overall risk, strategy, and culture. Analysts at Barclays have urged a sale of the troubled business.
