Credit Suisse has hired Union Investment's former CIO as its new head of investment solutions and products (IS&P) investment management, according to memo seen by Citywire Selector.
Björn Jesch will start in his new role on 1 April 2018 and will report to the investment committee and the IS&P management committee.
He is joining from Union Investment, where he was CIO and head fund management in charge of more than €250 billion. He formally stepped down from the Frankfurt-based group in December of last year.
Prior to that, he spent six years at Deutsche Bank, where he worked as CIO and head portfolio management of private wealth management, and was a member of the executive board of Deutsche Bank Private Wealth Management.
As part of his new responsibilities he will be further strengthening investment expertise and offering of Credit Suisse.
His predecessor José Antonio Blanco, who has been in the role for the past four years, will leave Credit Suisse pursue other opportunities once Jesch is in place.
In the meantime, Blanco will continue being responsible for IS&P Investment Management until April.
Commenting on Blanco’s departure, Michael Strobaek, Global CIO at Credit Suisse, said discretionary mandates are one of the firm’s key wealth management offerings to clients.
‘He has significantly improved the investment culture and principles in investment management, placing a strong focus on implementing our house view and carefully managing all risks in clients’ portfolios.’
‘He has also significantly improved information and transparency for relationship managers and clients.’