UK - Paul Griffiths joins Credit Suisse as managing director and head of fixed income for asset management.

Griffiths replaces Dennis Schaney who will be retiring a few weeks after Griffiths joins Credit Suisse on March 12. "He will stay on for a few weeks to ensure a smooth transition," a spokeswoman confirmed. Dennis Schaney had joined Credit Suisse four years ago.

In a press release Credit Suisse stated that Griffiths will be responsible "for the setting and implementation of the business strategy for asset management's fixed income globally." Joining the asset management committee and based in London, he will be reporting to David Blumer, chief executive officer of CSAM.

Previously, Griffiths worked with Axa Investment Managers where he was global head of fixed income and chief executive of its UK business.

Axa IM said they are "in the last stages" of appointing a new head for its UK business but in the meantime Axa's global head, Dominique Carrel-Billiard will take on that position.

Likewise, Axa IM's vice chairman Jean-Pierre Hellebuyck will become interim head of fixed income until a successor for Griffiths has been found.

Axa also announced that they have appointed Christoph Manser as head of Hedge Fund Activities. Manser joins from Winterthur Insurance, Switzerland, where he was head of Alternative Investments. He will be based in Zurich.

In June last year the Credit Suisse Group agreed to sell its entire Winterthur insurance business to AXA for CHF12.3bn (€7.6bn).