Credit Suisse PB head to leave
Philip Vasan, head of prime brokerage at Credit Suisse, will leave to run the Swiss bank’s private banking division for the Americas, according to reports.
Vasan, who has led Credit Suisse’s prime brokerage business for the last decade, will start his new role in April and will report to Rob Shafir, global co-head of private banking and wealth management.
Paul Germain will replace Vasan as global head of prime brokerage. Germain was recruited by Credit Suisse in 2010 from Goldman Sachs, where he was a partner, according to the WSJ.
The WSJ also reported Anthony DeChellis, current head of the private bank in the Americas, will step down although he will be reassigned within the division.
Vasan has been credited with boosting Credit Suisse’s prime brokerage market share from 2% in 2003 to 14% today. Credit Suisse was one of the very few banks to emerge from the crisis with its reputation intact and this has been one of the major contributing factors to its popularity among hedge funds.
Vasan also developed the firm’s FX derivatives business and has been at the forefront of the bank’s e-commerce investments and cost-reduction efforts.