Credit Suisse Asset Management (CSAM) is creating three senior management positions to replace the role of Laurence Smith, CSAM's global chief investment officer, who has left the firm after three years.
According to CSAM, the adjustment to the management structure will move oversight of investment performance closer to the actual investment process.
CSAM will have individual 'global heads' for each key investment stream: equities; fixed income; and alternative investments. Until the new managers are appointed, Michael Kenneally, CSAM's chairman and global chief executive officer, will oversee the firm's equity and fixed income investment performance on an interim basis. Jack DiMaio, who was recently appointed chief executive officer of alternative investments, will oversee this stream.
'Our goal with these changes is to improve accountability, better focus investment strategy and move managers closer to the investment process,' said Kenneally.
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