Credit Suisse has ended the void at the asset management unit and replaced Bob Jain with an experienced CS banker.
Credit Suisse (CS) appointed Eric Varvel as head of asset management at the International Wealth Management unit, starting June 1, the company said today. Similarly to Bob Jain, Varvel has had a long career at CS.
The U.S. citizen has worked at CS for a quarter century – and was part of the executive board from February 2008 to October 2014. He performed several managerial task and acted as head of the investment bank, head Asia Pacific and CEO of EMEA (Europe, Middle East and Africa).
A Frequent Flyer
The Mormon and keen bodybuilder most recently was an advisor to the CEO as head of emerging markets and sovereign wealth funds. For a while, he had been considered as a potential successor to Brady Dougan at the top of CS. But the CS board would have been challenged to impose another U.S. citizen following Dougan.
Varvel will be using the services of airlines a lot. Though based in New York, Varvel has to spend a considerable time of his working time in Switzerland as well as in emerging markets including in Asia. This is not least due to moving the Swiss asset management to the global business of Iqbal Khan.
Well Connected
Insiders weren't surprised by today's announcement, because Varvel is known to have excellent links to Qatar Holding LLC, the major shareholder based in the Gulf region.
Varvel was one to play a crucial role when the bank had to get additional funds to shore up its capital base in 2012 after being admonished by the Swiss central bank.
Since that time, Varvel has played a key role as intermediary between the shareholders from Qatar and the CS leadership.
