ZURICH – Credit Suisse is shuffling its asset management team, giving a bigger role to recently-hired investment chief Michael Strobaek after Gerhard Fusenig, head of multi asset-class solutions and core investment, quit for personal reasons.
Fusenig, who will stay on with the bank of a handover of undisclosed length, said on Thursday his decision was based on family reasons.
"The bank was surprised, but this is my decision and I'm not planning anything new at this time, which I realize is unusual in this industry," Fusenig said.
Fusenig's exit gives sole leadership of Credit Suisse's multi-asset class products to Michael Strobaek, who took over as chief investment officer for Credit Suisse's private banking arm in May.
Strobaek and Robert Jain, the bank's New York-based head of alternative investments who is taking over core investments from Fusenig, will assume their new responsibilities with immediate effect.
Strobaek was brought in by Fusenig to more systematically cater to Credit Suisse's wealthy clients with investment themes and views.
The changes come less than a year after Credit Suisse said its private banking arm would swallow its smaller asset management unit and absorb some investment bank activities.
That move sparked a management shuffle which saw private bank head Hans-Ulrich Meister cede some power to asset management head Robert Shafir.
(This story removes reference to UBS in sixth paragraph to reflect that Strobaek did not move directly from UBS to Credit Suisse in Sept. 12 story)
(Reporting by Katharina Bart and Oliver Hirt; Editing by Sophie Walker and David Holmes)