Credit Suisse Creates New Risk Role At Asset Management Arm

Tom Burroughes

2 August 2021

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Tony Patti, who headed up the fiduciary risk management function at the Swiss bank’s business and helped to build the asset management group as a separate division, is continuing as head of independent validation and review and global head of credit risk review.

A few days prior to this, Credit Suisse said that David Kruck had joined the asset management business as chief of staff, effective August 1. Kruck joined from UBS, where most recently, he served as the chief of staff to the president of asset management and group executive board sponsor for sustainability and impact. Prior to that, he worked in the wealth management division.

Elsewhere, Henning Wechsung, interim chief of staff, became divisional head of strategy for asset management, reporting to Markus Rütimann, chief operating officer of asset management. Henning joined the asset management business in 2018 for the Swiss/EMEA region.

As reported earlier this year, Credit Suisse has been forced to shake up its risk management systems in the wake of the Archegos and Greensill episodes, with a number of senior figures leaving. In April, Credit Suisse booked an expected net loss in the first three months of 2021 of SFr252 million ($275.5 million).

(A number of other banks, such as Nomura, were also hit by the implosion of Archegos. The situation has prompted some regulators to claim the family offices sector needs to be more tightly regulated, in turn leading to claims that such regulation would be misplaced.)