Credit score Suisse hires former AMP chief to guide wealth administration

Credit score Suisse has employed the previous chief government of Australian finance group AMP to run its revamped wealth administration division, because the Swiss lender tries to win market share from its home rival UBS.

Francesco De Ferrari, who labored for Credit score Suisse between 2002 and 2018, left AMP in June after a tricky two years operating the Australian wealth supervisor.

António Horta-Osório, chair of Credit score Suisse, stated De Ferrari’s expertise of beforehand working on the Swiss financial institution’s wealth division in Asia and Europe would stand him in good stead.

“He’ll undoubtedly play an important function in delivering on the group’s new technique in the direction of a a lot stronger, extra client-centric financial institution, with main world companies and regional franchises,” stated Horta-Osório.

Increasing the wealth administration is a high precedence for the financial institution, and its ambitions have been the principle goal of a technique day to buyers final month, because the funding financial institution is pared again.

In doing so, the lender intends to show a more durable competitor to rival UBS, whose wealth enterprise has left Credit score Suisse trailing previously couple of years.

Credit score Suisse’s wealth enterprise was on the centre of a company espionage scandal two years in the past after its head, Iqbal Khan, defected to UBS and was trailed by the streets of Zurich by investigators employed by his former employer.

Philipp Wehle, who had been chief government of Credit score Suisse’s worldwide wealth administration enterprise since 2019, will turn into chief finance officer of the wealth administration enterprise.

The appointments have been finalised at a board assembly held in New York final week.

De Ferrari had a bruising stint on the high of AMP, which was criticised over its dealing with of a sexual harassment case, whereas shareholders have been sad over the group’s dealmaking document.

The rehiring of De Ferrari got here alongside the departure of one of many two girls on Credit score Suisse’s high government crew, Lydie Hudson, who oversaw sustainability, analysis and funding options, in addition to being a champion of variety on the lender.

The financial institution will usher in Joanne Hannaford from the beginning of subsequent 12 months as chief know-how and operations officer. Hudson had beforehand been in command of compliance, however was given a brand new function in an government reshuffle final 12 months.

Credit score Suisse additionally confirmed the chief board for its new construction, which it introduced final month.

Along with wealth administration, De Ferrari will lead the financial institution’s European, Center East and African operations on an interim foundation. Below the modifications, funding financial institution chief Christian Meissner could have oversight for the Americas. Andre Helfenstein, who’s head of the Swiss retail financial institution, will even oversee its total Swiss operations.

Ulrich Körner will proceed as head of asset administration, whereas longtime Credit score Suisse government Helman Sitohang shall be in command of the Asia-Pacific area.

Thomas Gottstein, Credit score Suisse chief government, added: “With these appointments, in addition to the appointment of Christian as CEO of the Americas area, the financial institution’s new divisional and regional construction is now full and I’m wanting ahead to working with all my government board colleagues on executing our new technique from January 1, 2022.”

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