FRANCE – Credit Lyonnais Asset Management has named Thierry Coste as chairman and chief executive – replacing Pierre Persico.
Coste, head of Credit Agricole’s asset management and institutional financial services arm, was named at a CLAM board meeting on November 17, a news release said.
Paul-Henri de La Porte du Theil would be deputy CEO.
Persico is moving to Credit Lyonnais’ personal and professional banking arm after three years as chairman of the management board at CLAM.
Credit Agricole bought Credit Lyonnais for 16 billion euros earlier this year. CLAM manages 66.8 billion euros.
CLAM’s executive committee now comprises Coste and de La Porte du Theil, Jean-Yves Colin, Jean-Pierre Michalowski, Michel Pelosoff, Francoise Solana and Pascal Voisin.
Last month saw Credit Agricole chief executive Jean Laurent take over as chairman of Credit Lyonnais following the resignation of Jean Peyrelevade, mired in the Executive Life affair in the US.