Some big names have left
Michael Arpey, managing director and co-head of the Customized Fund Investment Group, has left the firm to join the The
“Multiple sources tell me that the group is in talks for major organizational changes, which could affect both the front and back-offices,” reported peHub, a sister Web site of Buyouts. In an internal memo obtained by Buyouts, Credit Suisse stated: “We are confident that Kelly will continue to grow this business. CFIG is core to our growth strategy in Alternatives and Asset Management, and Credit Suisse continues to be dedicated to meeting the customized private equity investment needs of clients.”
When asked if the Volcker Rule, part of the recently passed financial reform legislation, will have any impact on any of Credit Suisse’s private equity activities, the spokeswoman said that the firm will not have to spin out or sell any of these businesses because the Volcker Rule permits banks to sponsor private equity and hedge funds.
Meantime, Credit Suisse Asset Management’s Co-COO George Hornig resigned in mid-August and has moved on to another opportunity. His co-COO Gerhard Fusenig has taken on a larger role with Credit Suisse in Switzerland, where he will serve as the head of the multi-asset class solutions business. To replace the duo, CFO Thomas Sipp has permanently taken on the additional role of COO, which involves back-office fund administration, such as making sure the systems and support functions work properly.
In other news, Sarah McFadden Sandström has left Credit Suisse’s Private Fund Group, the firm’s placement agent arm, to become a partner with Atlantic-Pacific Capital, where she will help raise funds for European clients. Sandström was a director at Credit Suisse, where she worked for more than 13 years.