Credit Suisse bolsters team to re-establish its TM offering - EXCLUSIVE

May 2008 saw European head Graham Dixon leave the firm when Credit Suisse decided to run its transition business out of New York.

However, in a reversal of policy the bank is now rebuilding its European team - hiring ex-Royal Bank of Scotland head of transition management Steve Webster.

Speaking to Professional Pensions, Webster indicated that more hires were immanent. He also confirmed Charlie Shaffer has been named as managing director and co-head of Credit Suisse's transition management business in the US, joining from Merrill Lynch.

Webster said: "This is about re-establishing a product that is very important to the firm. Clients are looking for commitment, and while it could have been very easy for Credit Suisse to shut this business down when a lot of other players were shutting theirs, the more difficult decision was to commit to keeping and growing the business, which is what they have done."

Mercer principal and senior consultant Ben Gunnee commented: "The Credit Suisse transition management business suffered when they lost their London-based team and the business model changed. Hiring Steve Webster is part of the solution for Credit Suisse but I think it will still take time for them to rebuild consultants' confidence in their abilities."

Global Pensions will be holding a transition management forum in London on September 9. Click here for more details.