EUROPE - Credit Suisse Asset Management has appointed Paul Bourdon as managing director of its newly created European Pension Solutions Group.

He joins from Threadneedle Investments and will be responsible for designing and structuring solutions for European pension funds, including liability driven investment strategies.

"The emergence of large pension fund deficits and more rigorous accounting standards have forced companies to analyse how to manage their liabilities better and fund management companies have a significant role to play in this," said Alex Abadie, CSAM's global head of product, investment solutions and marketing.

"Paul's appointment underlines our commitment to work with trustees, scheme sponsors and consultants across Europe to tailor solutions to meet their needs."

At Threadneedle Duncan Rankin has taken over as product specialist director in the company's institutional business as of September.

He will oversee the implementation of the LDI offerings designed by Bourdon. According to Threadneedle "Bourdon decided to leave the company after 18 months".
For the first half year of 2006, Credit Suisse reported a net income of CHF4.8bn (€3bn) compared to CHF 2.8bn in the same period last year. Assets under management were CHF1.4tn as of 30 June 30 2006, a decrease of 1.8%.