Credit Suisse is shuffling its asset management team, giving a bigger role to recently-hired investment chief Michael Strobaek after Gerhard Fusenig, head of multi asset-class solutions and core investment, quit for personal reasons.
'The bank was surprised, but this is my decision and I'm not planning anything new at this time, which I realize is unusual in this industry', Fusenig said.
Fusenig's exit gives sole leadership of Credit Suisse's multi-asset class products to Michael Strobaek, who took over as chief investment officer for Credit Suisse's private banking arm in May.
Strobaek and Robert Jain, the bank's New York-based head of alternative investments who is taking over core investments from Fusenig, will assume their new responsibilities with immediate effect.
The news agency also reports that Credit Suisse wants to sell the private clients business of its German unit Credit Suisse Deutschland AG, German weekly WirtschaftsWoche reported on Saturday, citing financial sources.
It said interested parties may submit their bids by the end of September.