International financial services group Credit Suisse Group announced the appointment of John Knox as its new Australia CEO effective 1 May.
In a statement, the bank said Knox, who will replace Rob Stewart, will also assume the position of sole head of investment banking in Australia.
The bank said Stewart is leaving the bank to pursue other opportunities.
Stewart, meanwhile, will report to Credit Suisse Asia Pacific CEO Helman Sitohang and will be tasked to drive Credit Suisse businesses in Australia across private banking, wealth management and investment banking division.
Knox joined Credit Suisse in 1995 and was appointed the co-head of investment banking in 2007.
Earlier, Credit Suisse said it will increase the assets under management (AUM) by its private banking and wealth-management unit in Asia Pacific from the current 16% to 25% of the firm’s global total.
The 25% target is in line with the region’s representation in the global economy.
Francesco de Ferrari, Singapore-based head of Asia Pacific private banking, said Asia is about 25% of the world economy and over time Credit Suisse’s private-banking business should be 25% of global business.
De Ferrari said achieving the target AUM will not be hard because client assets in Asia are expected to grow.
According to Cap Gemini SA and Royal Bank of Canada report in October, the number of Asia-Pacific millionaires was expected to surpass America by the end of 2014.
The challenge, however, is the shortage of qualified people to cater for Asia’s 7 million millionaires, De Ferrari stressed. – BusinessNewsAsia.com