Eric Varvel is making management changes at the Swiss bank's under-fire asset management unit, finews.asia has learned. This follows the implosion of a $10.1 billion line of funds co-managed with supply chain specialist Greensill.
Zurich-based Credit Suisse is taking Michel Degen off the job temporarily as the head of its asset management activities in Switzerland and wider Europe, the Middle East, and Africa, effective immediately, according to a memo to the unit's staff on Wednesday, finews.asia can report.
«I've asked Filippo Rima to take on the ad interim head of asset management head of Switzerland and EMEA,» Eric Varvel, Credit Suisse's top executive in the region, wrote in the memo. Rima takes on the job in addition to his current one as head of equities in Switzerland.
Degen was instrumental in setting up a line of supply chain funds set up with U.K.-based Greensill, as finews.com reported earlier on Wednesday. Varvel is also temporarily replacing Luc Mathys, the head of fixed income in Credit Suisse's asset management arm, as well as the portfolio manager of the controversial funds.
