said its European head of asset management and two fund managers who worked on its troubled Greensill Capital supply-chain finance funds are stepping aside, according to an internal bank memo.
Credit Suisse froze four funds last week that invested in securities created by Greensill Capital, which specialized in making short-term cash-advance-style loans to companies before filing for insolvency Monday. The Swiss bank is now in the process of liquidating the $10 billion funds and returning cash to investors.
Michel Degen had been in charge of asset management in Switzerland and Europe, the Middle East and Africa. Luc Mathys was head of fixed income in the unit and Lukas Haas was the fund manager for the supply-chain finance funds.
According to an internal memo from Credit Suisse’s global head of asset management,
the three men won’t be performing their roles, “for the time being.” Mr. Varvel didn’t elaborate on the reasons for the personnel switch in the memo. He said Filippo Rima, currently head of equities in the European asset-management unit, would serve as interim head and Alexandre Bouchardy would take over Mr. Mathys’s role on an interim basis as head of fixed income.
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