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CSAM gets new European COO

EUROPE - Credit Suisse has named Dresdner Kleinwort's Joachim Mies as chief operating officer for Asset Management in Europe, the Middle East and Asia.

The move comes after Credit Suisse reported a 21% decline in quarterly asset management profit earlier this month.

It said Mies - most recently deputy global COO for Dresdner Kleinwort in London - would be responsible for "overseeing divisionally aligned support functions for the Asset Management business".

"He will be responsible for supporting Credit Suisse's ongoing initiatives to further develop and grow its Asset Management business in EMEA," the Swiss bank added. 
 
"I am very pleased to be joining Credit Suisse's Asset Management business," Mies said. "This is a great opportunity to work with some of the most capable people in the industry at a very exciting time in Credit Suisse's development as a global provider of investment solutions."
 
Mark Burgess, executive vice chairman and EMEA head of asset management, added: "We are very excited about Joachim joining our team. His vast experience of working in COO roles and related functions will add significant value to our Asset Management business in EMEA."
 
Mies will be based in London and report to Burgess and Costas Michaelides, European operating chief for Credit Suisse's divisions.

On November 2 Credit Suisse said pre-tax profit at its Suisse's asset management division fell 21% in the third quarter despite higher revenues and a CHF47bn (€29.6bn) increase in assets under management.

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