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Credit Suisse asset management profit down 21%

GLOBAL - Pre-tax profit at Credit Suisse's asset management division fell 21% in the third quarter despite higher revenues and a CHF47bn (€29.6bn) increase in assets under management.

The bank said: "Asset Management's income from continuing operations before taxes was CHF158m in the third quarter of 2006, a decrease of CHF42m, or 21%, from the third quarter of 2005, reflecting higher operating expenses partially offset by higher net revenues."

Assets under management increased to CHF659.6bn at the end of June to CHF615.2bn. Net inflows were CHF21.2bn. Asset management revenues rose 17% to CHF535m.

Elsewhere. Julius Baer has named a new chief financial officer.

Dieter Enkelmann was appointed to the role at the private bank Julius Baer as from 11 December 2003. He will also join the Group Executive Board, the bank announced today.

Enkelman is joining from Swiss cocoa and chocolate manufacturer Barry Callebaut where he has been CFO since 2003. Former experience in the financial sector includes six years with Swiss Re as CFO of the Financial Services business unit.

The position of CFO at Julius Baer has been vacant for almost a year now following re-structuring of the company after the purchase of four wealth management firms from UBS at the end of last year. In December 2005 Rolf Aeberli had left as CFO to join Swiss Life's Banca del Gottardo as CEO.

Meanwhile, Miklos Vidak, head of marketing management at Julius Baer, has been nabbed by Clariden Leu, another Swiss private bank.

Vidak starts in November as head of the newly created marketing management department at Clariden Leu, a subsidiary of Credit Suisse, according to his successor at Julius Baer, Thomas Egger.

Until now, Egger was part of Vidak's team at Julius Baer, though has been promoted to new head of marketing.

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