Credit Suisse Group AG said Gerhard Fusenig, who headed part of its asset management business, will leave Switzerland’s second-largest bank.
Fusenig, 49, will retire to spend more time with his family, Hans-Ulrich Meister and Robert Shafir, who head the private banking and wealth management division, said in a memo to staff today. Fusenig will stay for “several weeks” to ensure a smooth transition, according to the memo. Marc Dosch, a spokesman at Credit Suisse in Zurich, confirmed the contents.
Credit Suisse Chief Investment Officer Michael Strobaek, who co-headed management of assets on a discretionary basis together with Fusenig, will take over sole responsibility for the unit, according to the memo. Bob Jain, who oversees alternative investments, will head core investments, which includes equities, fixed income, real estate and index solutions on top of his current duties, it said.
Credit Suisse managed 390.7 billion francs ($421 billion) in assets, including 110 billion francs in the discretionary business, called multi asset class solutions, at the end of June. The company last year decided to combine asset management with private and corporate banking to improve profitability.