The Swiss bank is boosting its troubled fund unit with a veteran of the German insurer's money-management arm.
Zurich-based Credit Suisse is hiring Wolfram Peters as the head of risk in its asset management unit, effective September 1, according to a memo seen by finews.com on Friday. Peters was until April the risk chief at Allianz's investment unit, a role he held for nine years.
The German executive will report to Credit Suisse's new head of asset management Ulrich Koerner, like him a former McKinsey analyst, as well as to Joachim Oechslin, who is standing in as head of wider risk management at the Swiss bank. Previous risk chief Lara Warner left abruptly in April following the twin Archegos and Greensill debacles.
«Winning» Independence
Peters appears to expand a role that Tony Patti had begun as head of fiduciary risk management function as well as helping to set up asset management separately. Patti, who is based in New York, will continue in his roles as head of independent validation and review and global head of credit risk review, according to the memo.
The money management unit «won» its independence from Credit Suisse's international private bank earlier this year, due to the implosion of $10.1 billion in Greensill-managed funds. The supply chain products were predominantly sold to the Swiss lender's wealthy clients.
