Credit Suisse Hires Former UBS Banker to Target Entrepreneurs

Credit Suisse Group AG hired Andreas Arni to head a new unit that focuses on entrepreneurs as it expands the business of managing money for the wealthy.

Arni, a former UBS Group AG banker, will join in the second quarter of next year and report to Serge Fehr, who heads the Swiss private banking and wealth management operations, according to a memo sent to staff seen by Bloomberg.

Chief Executive Officer Tidjane Thiam announced plans in October to hold an initial public offering of its Swiss bank in an overhaul of the company amid a shift away from investment banking to focus on wealth management. The Swiss bank will seek to build ties with the country’s estimated 500,000 entrepreneurs that would evolve from loans for their business into investing their wealth and then planning for succession as they get older, Marco Illy, who heads the Swiss investment bank, said last week.