Credit Suisse has announced a senior promotion in its International Wealth Management division, elevating longtime executive Eric Varvel to the new role of Global Head of Asset Management, according to a Credit Suisse statement.
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Mr. Varvel steps into his new role as the Global Head of Asset Management on June 1, 2016 – in this capacity he will be based out of New York, succeeding Bob Jain, who will be relinquishing the role. The promotion will also see him added as a member of Credit Suisse’s International Wealth Management Committee.
Despite being based out of New York, Mr. Varvel will be spending a large amount of time in Switzerland and across other emerging markets regions, including in the Asia-Pacific (APAC) region, in a bid to advance the lender’s development of its Asset Management franchise. He will be reporting to Iqbal Khan, Chief Executive Officer (CEO) of International Wealth Management at the lender.
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Mr. Varvel has been a mainstay at Credit Suisse for over two decades, having served as a member of the executive board for over six years between 2008 and 2014. During his tenure period, he has held a number of senior roles including CEO of the Investment Bank, and CEO of APAC and Europe, the Middle East and Africa (EMEA).
Additional roles at the lender include stints as its Co-Head of the Global Investment Banking division, Head of Investment Banking, Head of Emerging Markets Coverage, and Head of Fixed Income Sales and Corporate Derivative Sales, among others.
According to Mr. Khan in a recent statement on the appointment: “We are delighted to have such an accomplished senior leader to head our Asset Management business and look forward to working with him in this capacity. We are confident that his global experience, track record and expertise will significantly contribute to the further development of our Asset Management franchise and to the achievement of our ambitious goals.”
“Eric’s strong relationships with many strategic clients will be a great benefit not only to the Asset Management business, but also to the IWM division overall,” he added.