ZURICH (Reuters) – Credit Suisse has hired UBS’ David Kruck, with new divisional head Ulrich Koerner bringing in a former colleague to join him at the top of the bank’s asset management team.
Koerner joined Credit Suisse from UBS in April, when Switzerland’s second-biggest bank began overhauling its asset management business amid the implosion of around $10 billion of funds related to British supply chain financier Greensill.
Now four months into the job, Koerner, who headed UBS’ asset management from 2014 to 2019 before becoming a senior advisor to the CEO, has hired UBS’ chief of staff to the president of asset management to fill a similar slot at Credit Suisse.
“David Kruck will join Asset Management as Chief of Staff, effective August 1, 2021, reporting to me,” Koerner told employees in an internal memo seen by Reuters and confirmed by the bank.
Meanwhile, ad interim chief of staff Henning Wechsung will become the division’s head of strategy, Koerner said.
“Their expertise in asset and wealth management, combined with their strategic mindset, will be very valuable as we continue to define our future path in line with Credit Suisse’s overall strategy,” he said in the memo.
Both Wechsung and Kruck will assume their new roles on Aug. 1.
(Reporting by Oliver Hirt and Brenna Hughes Neghaiwi; Editing by Simon Cameron-Moore)