SWITZERLAND - Credit Suisse Asset Management Switzerland is to axe 40 jobs over the next twelve months in a bid to streamline its management and strengthen its position in the Swiss pension fund market.
The firm will slice its headcount to 550 from the current 590 across all business units, a spokewoman confirmed.
CSAM added that the move, which will come into effect on September 1, 2003, aims to define areas of responsibility, simplify communication and align local management more closely to the global organisation of CSAM.
Mario Seris, recently appointed chief executive officer of CSAM Switzerland, said: I am convinced that with our powerful organisational structure, we will be well placed to expand our strong position in the Swiss pension fund and fund management business and, given the key role of CSAM Switzerland within our global organisation, bring further benefits for our clients worldwide.
The new executive board of CSAM Switzerland will now consist of Mario Seris, CEO Switzerland and Luxembourg; Christoph Schenk, chief investment officer, Switzerland, Stefan Mächler, head institutional and retail sales and head real estate Switzerland and Karl Huwyler, chief financial officer.
Asked about the state of its current pension fund business in Switzerland, CSAM added: “Swiss pension fund mandate business in general has picked up significantly since the equity markets have performed better, since April 2003. Besides new mandates we also observe quite a lot of switches between different providers. Hence, the mandate business has not become slower, but on the contrary.”
CSAM employs 1242 staff in Europe and manages around US$241.5bn assets.
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