Credit Suisse hires UBS's von Schuckmann as asset management CFO

By Kitco News / October 27, 2021 / www.kitco.com / Article Link

ZURICH, Oct 27 (Reuters) - Credit Suisse on Wednesday made a raft of senior asset management appointments, as divisional executive Ulrich Koerner brought in a former UBS colleague while the bank continues its overhaul.

Credit Suisse began revamping its asset management unit in April, when it brought in Koerner to lead the newly separated division following the collapse of $10 billion worth of supply chain finance funds linked to insolvent financier Greensill Capital.

Dierk von Schuckmann will join Credit Suisse from cross-town rival UBS as the unit's chief financial officer, effective Nov. 1, a spokesperson said.

Under new Chairman Antonio Horta-Osorio, the bank has been seeking to turn the page after two major hits to its asset management and investment banking businesses in March capped off a tumultuous two years for the lender.

Horta-Osorio has promised a new strategy for Switzerland's second-largest lender by the end of this year and a review of the bank's risk management and culture in the wake of the crises, which prompted a raft of executives to leave.

In July, it created a new chief risk role within asset management, and is now reorganising financial reporting lines.

Meanwhile, current divisional CFO Michael Rongetti was named Head of Asset Management Americas, while Min Huang was named interim head of asset management in the Asia-Pacific region, replacing Michael Levin, who had decided to leave the firm. (Reporting by Oliver Hirt and Brenna Hughes Neghaiwi)

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