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Credit Suisse Names Asset-Management Head in Post-Greensill Reshuffle

Sumary of Credit Suisse Names Asset-Management Head in Post-Greensill Reshuffle:

  • Credit Suisse Group AG CS 1.78% recruited former UBS Group AG UBS 1.55% executive Ulrich Koerner to be its new head of asset management and said it would make it a separate division, removing one of its most senior executives from the role as it seeks to recoup money for investors in its troubled supply-chain finance funds…
  • It made the announcement while warning in its annual report that it has been informed some of the underlying investments in the funds won’t be paid back when they are supposed to be…
  • He replaces Eric Varvel, a 31-year veteran of Credit Suisse who will stay at the bank and keep his other roles as Credit Suisse U.S…
  • The sudden shift in the unit was triggered by the problems in the supply-chain finance funds, Credit Suisse said…
  • It froze four funds managing $10 billion this month as Greensill Capital, the company that supplied the funds with its investments, prepared to enter insolvency proceedings in the U.K…
  • Credit Suisse said earlier this week it faces financial charges from the funds’ collapse and a $140 million loan it made to Greensill…
  • On Tuesday, Chief Executive Thomas Gottstein said investors have gotten $3.1 billion cash back and that the funds have more than another $1 billion in cash to return….

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