The former head of operations at InTech, who was made redundant in January, has picked up a new senior operations role in the alternatives team at Credit Suisse Asset Management.

Simon Beavis, who was let go after Skandia Australia laid off nearly 10 per cent of its workforce, will join Credit Suisse next week in the new role of director in operations for alternative investments.

Skandia retrenched 17 people from the Skandia platform business out of the previous 210, and five people from InTech’s 45-person headcount.

Skandia/InTech was purchased last week by IOOF and Australian Wealth Management for $34 million.

The alternatives division is one of the few funds management businesses being retained by Credit Suisse’s investment arm under its assets-for-equity swap with Aberdeen Asset Management.

On New Year’s Eve this year, Credit Suisse’s Global Investors group announced it had sold its equity, fixed income and balanced products to Aberdeen in exchange for a 25 per cent stake in the Scotland-based manager.

Credit Suisse will now focus on its Leveraged Investment Group and Property Securities businesses, which include private equity, hedge funds and its Enhanced Commodities Fund.

The deal is due to complete on April 30,
2009.

Leave a comment