The Swiss bank will put its private bank in Asia-Pacific under a single leadership, after the exit of a 14-year veteran. The move follows Credit Suisse's weakening of regions in a recent revamp.
Zurich-based Credit Suisse is naming Benjamin Cavalli head of wealth management in Asia-Pacific, effective January 1, it said in a statement on LinkedIn on Wednesday. This follows the retirement of François Monnet, the 63-year-old executive with whom Cavalli has divided the regional responsibilities for the past three years.
An 11-year veteran of Credit Suisse, Cavalli will move to Hong Kong from Singapore for the role. The Swiss bank is also naming Jin Yee Young as Cavalli's deputy in the regional wealth activities. She is currently group head for Singapore and Malaysia.
Wealth Arm Fused
Credit Suisse is in the process of folding its wealth activities into a central private bank, but has yet to disclose who will run it. The unwinding of the Asian division, overseen by Helman Sitohang, represents a departure from a structure in place since 2015, aimed at capitalizing on Asia’s booming market by winning entrepreneurs for its wealth business.
Cavalli and Monnet took over in 2018, after Credit Suisse's then-top regional wealth manager Francesco De Ferrari defected to troubled Australian wealth manager AMP. Three years on, De Ferrari is tipped to take on the top wealth job at the Swiss bank in an ongoing revamp, finews.com reported earlier this month.
