Having left Credit Suisse after over a year, Francesca McDonagh joins a Frankfurt-based fund group as CEO.
Francesca McDonaugh joins Universal Investment effective January 1, with the ex-Bank of Ireland boss taking over from interim CEO David Blumer who returns to his role as chairman, according to a statement on Tuesday.
Expectations were high when McDonagh, who spent the previous five years at the Bank of Ireland, joined Credit Suisse in September of last year. She led the Irish central bank through the pandemic and returned it to full private ownership a decade after the financial crisis, according to the «Irish Times.»
Key Position at Credit Suisse
Credit Suisse initially hired her to head its Europe, Middle East, and Africa (Emea) business. She was promoted to COO before starting, becoming one of CEO Ulrich Koerner's key lieutenants. She later became jointly responsible for integrating the bank into the UBS Group.
A year later, she was among the most prominent departures from Credit Suisse, which is now being integrated into UBS following its takeover. Now, she'll join Blumer, a former Credit Suisse executive and one-time head of investments at reinsurer Swiss Re.
Universal Expansion
In her new role, she will focus on expanding the geographical reach of Universal Investment and the M&A business and will bolster its offerings to clients.
Universal Investment is backed by Montagu and CPP Investments, committed to actively supporting the company's growth ambitions. The company has grown organically with its existing client base while attracting new ones through acquisitions. In recent years, the fund service platform has increased its presence in key European fund domiciles.
