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Friday, April 1, 2016

UBS and Credit Suisse Anoint Asset Management Bankers

News summary by MFWire's editors

When there's something strange in the mutual fund neighborhood and you're thinking about selling, who you gonna call? Assuming Venkman, Ray, Spengler, and Winston aren't available, you might turn to the global asset management bankers, also based in Gotham, who were just appointed by a pair of multinational investment banks.

Ros Stephenson
Global Corporate Client Solutions
Bloomberg and Reuters report that, per company memos, UBS has hired Joseph Hershberger as vice chairman in the financial institutions group, focused on global asset management, while Credit Suisse has promoted Hamish Summerfield to head of global asset management.

Summerfield succeeds Hershberger, who spent the past decade at Credit Suisse. Summerfield previously served as Credit Suisse's London-based head of asset management for Europe, the Middle East and Africa; he is heading for New York now.

Prior to joining Credit Suisse a decade ago, Hershberger led hedge fund and asset management banking for Putnam Lovell.

Credit Suisse's asset management deals in recent years have included: BlackRock's purchase of BGI in 2009; ING's U.S. IPO in 2013; OMAM's spinoff IPO in 2014; and yesterday's just announced, not-yet-closed sale of GEAM to SSgA.

The Reuters story does not provide much detail on either the Credit Suisse memo or the UBS one. The UBS one was reportedly sent by Ros Stephenson, chairman of global corporate client solutions. 

Edited by: Neil Anderson, Managing Editor

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