Credit Suisse Asset Management
is taking a number of steps to refocus its business. Among them is the elevation of Robert Parker
to vice chairman for client relations, a reorganization of its business from five regional divisions to three and the creation of a Global Executive Committee to be headed by Jeffrey Peek
, vice chairman of Credit Suisse First Boston (CSFB) and head of CSFB's Financial Services Division, which includes CSAM.
"I am confident that the changes announced today will strengthen CSAM. They highlight our continued commitment to our clients and to improving our investment performance, and they give us the platform to help deliver on these commitments," said Peek in a statement.
The move comes a week after pension giant Calpers
fired the fired as its currency overlay manager. The pension fund reported that CSAM trailed its bogey for the mandate by 120 basis points.
Parker's mandate will be to ensure that such client defections do not occur in the future. He is currently global head of Institutional Marketing at the firm.
Meanwhile, CSAM is also streamlining its operating units by folding its operations in Switzerland into its Europe unit. Henry Wegmann
, the former CEO of CSAM Switzerland will head the European unit going forward.
The man Wegmann displaces in Europe, Joseph Gallagher
, will take over the CEO of the Americas title from Larry Smith
, who had been acting as interim CEO of the Americas. Smith will return to his role as Global CIO. Andrew McKinnon
, formerly head of the Australia unit, will head the Pacific division covering Japan, Australia and the rest of Asia. He will retain responsibility for Australia, and Toshio Fukuda
will continue to manage the Japan business.
All of the above executives, and Greg Sawers
, CSAM Global's head of research, will sit on the newly created Global Executive Committee.
"I am very excited about this new structure. Our objective is to create a strong, integrated global asset management firm that delivers consistent investment performance for our clients, opportunities for our employees and best in class returns for shareholders. These changes will enable CSAM to develop a strong global platform and leverage its cross-border strengths and relationships," said Peek.
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