Credit Suisse has reshuffled the top management within its European fixed-income capital market business after the bank’s head of structuring stepped down.
The new moves span across three separate business areas and are a direct link to Jeremy Bennett’s decision to take a sabbatical to be with his family. Bennett, also co-head of European fixed-income capital markets and the emerging markets group, is expected to return during the summer.
Sudip Thakor will take over as head of global structuring and will continue his existing responsibilities as head of fixed income derivatives in New York and co-head of global credit trading.
Thakor’s co-head Jonathan McHardy will run the commodities business globally. McHardy is also solely responsible for managing Credit Suisse’s insurance and tax business.
Gael de Boissard will take control of the European fixed income business, previously Bennett’s responsibility.
Ram Nayak and Darren Walker will jointly run the emerging market group, which is part of the fixed income division. Nayak remains European head of commodities and co-head of fixed income for Eastern Europe, the Middle East and Africa. Walker also continues his responsibilities for the EEMEA trading group.
“Jeremy has led much of this effort “from the front”, personally spearheading our drive into client-driven structured transactions in the emerging markets when we transformed the business in 1999,” says Jim Healy, global head of fixed-income, in an internal memo seen by Financial News. “As an example, Jeremy developed the initial business plan for our entry into the insurance business in 2000 with the creation of Boston Re, our captive insurance company, which has returned over $300m (€232m) to the Bank from a seed capital base of $10m.”