Credit Suisse has appointed a new chief operating officer at its troubled asset management unit, after it was split into a separate unit under Ulrich Körner in April.
Credit Suisse has appointed Markus Ruetimann chief operating officer at its Asset Management division, replacing Mike D’Angelo, said an internal memo seen by finews.asia and first reported by «Reuters».
A Credit Suisse spokesperson confirmed the appointment, which, the memo said, took effect Monday.
The memo from CSAM CEO Ulrich Körner did not say what specific new role D’Angelo would take up but merely said he would support Ruetimann «in defining our future operating model and in planning the execution of a talent- and technology led transformation».
Technology, Consultancy Background
The memo and Ruetimann’s (picture below) LinkedIn profile say he was group COO of Schroders, global head of Technology & Portfolio Services at UBS Asset Management and COO of Phillips & Drew.
His LinkedIn profile also shows he is a non-executive director and co-founder of Aprexo which describes itself as a data management services company «built by practitioners for the asset management ecosystem». He is also listed as CEO and founder of Hardy London, a consultancy which provides strategic advice to family offices, asset- and wealth managers.
According to D’Angelo’s LinkedIn profile, he has been with the bank for 20 years and became COO at CSAM in 2016.
Reutimann will be based in London whereas D’Angelo is based in New York.
Speculation over Fate of CSAM
In March, Credit Suisse said it was splitting its asset management from international wealth management from April in the wake of the Greensill scandal and brought in Körner to head it.
There has been considerable speculation about the long-term fate of CSAM, with a sell-off or merger of the division being mooted.
