Swiss asset manager Belvédère has elected a controversial former top manager at Credit Suisse to its board.
Former UBS and Credit Suisse banker Rolf Bögli has joined the board of Glarus-based Belvédère Asset Management, the company said in a press release Friday.
Bögli has been working as an independent strategy consultant to family offices and independent asset managers since 2014.
U.S. Fine
At the end of 2013, Bögli left his job as head of private banking Switzerland at Credit Suisse, officially for health reasons. However, his departure came after a report by a US Senate Committee on Credit Suisse’s role in offshore tax evasion.
Bögli was accused of wrongly classifying clients’ custody assets as net new assets. This resulted in U.S. regulator, the Securities and Exchange Commission, fining Credit Suisse $90 million in 2016.
«Ideal Candidate»
Belvédère Chairman Florian Marxer described Bögli as an ideal candidate for the board.
«Belvédère is on a growth path. Rolf Bögli has regularly supported us in strategic projects for more than five years and is therefore thoroughly familiar with the company. He is the ideal new member to strengthen our Board of Directors,» he said.
