Credit Suisse has named Ulrich Körner as the new CEO of its asset management division to limit the effect from the collapse of short-term debt fund Greensill Capital.
The company’s asset management arm was a key source of funding for the collapsed British firm.
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Greensill’s operations seized recently when Credit Suisse stopped investors from moving money in or out the $10bn in supply-chain investment funds.
Following the collapse, the Swiss bank decided to separate its asset management business from its international wealth management unit.
Körner will assume his new role from 1 April 2021. As a member of the executive board, he will report directly to Credit Suisse Group CEO Thomas Gottstein.
Gottstein stated: “Ulrich Körner is an excellent addition to our leadership team, reinforcing its values and performance culture. Ueli is a strong leader and strategic thinker with proven ability in business development and profitable growth in asset management, as well as in business transformation.
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By GlobalData“I am very much looking forward to working with Ueli on the Executive Board and I am confident that he can greatly contribute to the work to be done in the current situation and will lead the new Asset Management division to future success.”
Körner was most recently serving as senior advisor to the CEO of UBS Group. He served as UBS Asset Management CEO from 2014 to 2019.
Prior to that, Körner was an executive at Credit Suisse and held several positions, including CFO and COO of Credit Suisse Financial Services.
The current asset management global head, Eric Varvel, will work with Körner to facilitate the transition.
Varvel will then focus on his other roles as Credit Suisse (USA) CEO and Investment Bank chairman.
International Wealth Management division will continue to be led by executive board member Philipp Wehle, the company said.
Credit Suisse chairman Urs Rohner said: “I am very pleased to welcome Ulrich Körner back to Credit Suisse, where he had a successful career in various Executive Board level roles. With his excellent track record at Credit Suisseui and UBS, where he developed and successfully executed the asset management growth strategy, Ueli is excellently positioned to lead our new Asset Management division going forward.”
