Credit Suisse saw another high-profile departure with the bank's CIO Michael Strobaek who is moving to Lombard Odier in the fall, finews.com has learned. At the same time, Credit Suisse immediately named his replacement.

Lombard Odier appoints Michael Strobaek as chief investment officer starting November 1, taking over from Stéphane Monier, according to an internal memo seen by finews.com on Thursday.

Strobaek will head the Global Investment Solutions department and chair the Private Clients Investment Committee. He reports to Frédéric Rochat, Managing Partner and Co-Head of Private Clients at the Geneva-based private bank.

Credit Suisse subsequently named Burkhard Varnholt as its Global CIO effective May 8, according to a statement from the bank. He will report to Francesco De Ferrari, the CEO of Wealth Management. 

Credit Suisse and UBS

Strobaek's career spans several years at Switzerland's two major banks, having been with Credit Suisse for about a decade, where he was Global CIO and Head of Investment Solutions & Sustainability. He also chaired the Investment Committee and served both private and institutional clients.

Before joining Credit Suisse, he worked in a Swiss family office as CEO and CIO, before which, he held various positions at UBS for 13 years, most recently as head of investment management for wealth management and before that as global head of investment solutions.

Thoughtful Analysis

«With over 25 years of investment experience providing thoughtful insights to a wide range of clients, Michael Strobaek’s deep expertise will be key in delivering long-term performance and in helping clients navigate challenging markets,» Rochat said of the appointment 

Monier will be available to ensure a smooth handover of his responsibilities and move on to a new challenge. He has worked in the financial industry for more than 30 years and joined Lombard Odier in 2009. Previously, he worked for Fortis and JP Morgan, among others, according to his Linkedin profile.

At the end of March, another prominent departure from Credit Suisse to Lombard Odier became known. Serge Fehr, Swiss head of private banking at Credit Suisse, is moving to the private bank as a partner in August, as also reported by finews.com.