Michel Degen, head of asset management in Switzerland and Europe, the Middle East and Africa, Luc Mathys, head of fixed income in the region, and Lukas Haas, a portfolio manager for the funds, have been placed on temporary leave. Photo: Markus Hibbeler/Bloomberg News By Margot Patrick Close Margot Patrick March 10, 2021 4:17 am The Indian-British steel magnate has said GFG is operationally strong. They were placed on your computer when you launched this website. Three Credit Suisse employees, including the head of its European asset management division, who helped oversee the Greensill funds have temporarily stood aside. ZURICH, March 10 (Reuters) - The head of Credit Suisse’s European asset management division and two other employees who worked on the bank’s Greensill Capital supply-chain finance funds have temporarily stepped aside, according to an internal bank memo. Lukas Haas also was temporarily removed. Classic car prices accelerating by up to 280%, 62mln lost jobs in travel, tourism could return in 2022: WTTC, Outlook: Middle East countries could return to 'relative normality' in second half of 2021, Started planning for holidays? Credit Suisse said in a memo sent to employees yesterday that Michel Degen, head of asset management in Switzerland and the EMEA region, was temporarily stepping aside along with managers Luc Mathys and Lukas Haas. Credit Suisse, which was a key source of funding for the speciality finance firm, selling securities created by Greensill to investors via its asset management arm, is … In addition to Degen, the memo said that Luc Mathys and Lukas Hass were also stepping aside. "We have concerns about the validity of all Greensill policies and are conducting an investigation," Tokio Marine spokesman Tetsuya Hirano said. In a note to investors on Tuesday, Credit Suisse said it had not been informed of any insurance cancellation "until very recently," and that existing policies from Insurance Australia had remained unchanged. Credit Suisse said in a memo sent to employees on Wednesday that Michel Degen, head of asset management in Switzerland and the EMEA region, was temporarily stepping aside along with managers Luc Mathys and Lukas Haas. Credit Suisse said in a memo sent to employees on Wednesday that Michel Degen, head of asset management in Switzerland and the EMEA region, was temporarily stepping aside along with managers Luc Mathys and Lukas Haas. “I have also asked Alexandre Bouchardy to take on the role of ad-interim Head of Fixed Income Switzerland and EMEA,” he said in the note. 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Reuters could not immediately reach Degen, Mathys or Haas … Credit Suisse has removed three executives at the centre of the crisis. The main focus on lending in Emerging Markets and Leveraged Lending transactions. Haas was listed as the fund manager for some of the Greensill funds according to various fund websites. Japanese insurer Tokio Marine Holdings Inc 8766.T , which provided $4.6 billion of coverage to Greensill credit notes, said on Wednesday that it was investigating the validity of those policies. Access the most comprehensive database of companies and officers in the Middle East and North Africa, covering all major sectors and industries, from Refinitiv. The asset management unit behind the Greensill strategy was hit by a large impairment charge on a hedge fund investment in the fourth quarter. You can change your cookie settings through your browser. Credit Suisse said in a memo sent to employees yesterday that Michel Degen, head of asset management in Switzerland and the EMEA region, was temporarily stepping aside along with managers Luc Mathys and Lukas Haas. Credit Suisse said in a memo sent to employees on Wednesday that Michel Degen, head of asset management in Switzerland and the EMEA region, was temporarily stepping aside along with managers Luc Mathys and Lukas Haas. Credit Suisse was advising Greensill on a potential IPO last year and had lent it the $140 million on expectations the loan be repaid when it listed, one of the people said. Reuters could not immediately reach Degen, Mathys or Haas … Copyright © 2021 Zawya. Credit Suisse said in a memo sent to employees on Wednesday that Michel Degen, head of asset management in Switzerland and the EMEA region, was temporarily stepping aside along with managers Luc Mathys and Lukas Haas. ZURICH- Credit Suisse grappled with the fall-out of Greensill Capital's insolvency on Wednesday, as the head of its European asset management division temporarily stepped aside and it appointed receivers to recover a $140 million loan in Australia. <(Reporting by Brenna Hughes Neghaiwi in Zurich and Iain Withers in London; Additional reporting by Paulina Duran in Sydney and Makiko Yamazaki in Tokyo; Writing by Alexander Smith; Editing by Carmel Crimmins) ((brenna.neghaiwi@thomsonreuters.com; +41 58 306 77 35;)), Have news to share? Credit Suisse said in a memo sent to employees on Wednesday that Michel Degen, head of asset management in Switzerland and the EMEA region, was temporarily stepping aside along with managers Luc Mathys and Lukas Haas. Credit Suisse froze $10 billion worth of funds last week that invested in securities created by the specialty finance firm. Greensill, which is still registered in its founder Lex Greensill's hometown city of Bundaberg in Queensland Australia, said in court documents it would be unable to repay the loan. Receivers from McGrathNicol have been appointed to attempt to recover the loan from Greensill Capital Pty Ltd after it filed for insolvency protection in London and in Australia on Monday, said the people, who spoke on condition of anonymity. Reuters could not immediately reach Degen, Rima or Varvel for comment. Reuters could not immediately reach Degen, Mathys or Haas … Michel Degen, head of asset management in Switzerland and the EMEA region, is being replaced in the interim by Filippo Rima, according to the memo sent to employees on Wednesday and seen by Reuters. Greensill Capital filed for insolvency on Monday after losing insurance coverage for its debt repackaging business and Credit Suisse is in the process of liquidating the funds and returning cash to investors. Credit Suisse is in the process of liquidating its Greensill funds and has so far made $3.05 billion worth of payments to investors. He was named on factsheets as the fund manager for the four supply chain finance funds that Credit Suisse is … Screen, analyze and compare projects in the Middle East and North Africa across Infrastructure, Real Estate, Industrial and Energy sectors with Refinitiv’s Eikon. UAE airlines are slashing fares to stimulate summer travel, Saudi Arabia's oil exports fell 21% y-o-y in January, Saudi Bank AlBilad to issue $800mln riyal-denominated sukuk, Oil prices rise 2% on fears Suez blockage may last weeks, India's top court rules in favour of Tata in long-drawn tussle with former chairman, World shares rebound as investors weigh economy against diplomacy, Canada calling? “For the time being, Michel Degen, Luc Mathys and Lukas Haas will not be performing their roles. Credit Suisse shaken by aftershocks of Greensill insolvency ... was temporarily stepping aside along with managers Luc Mathys and Lukas Haas. A source familiar with the situation said the policies were directly linked to the $10 billion worth of funds frozen by Credit Suisse. It also said that it faced "defaults" by its key customer, GFG Alliance, which is controlled by Sanjeev Gupta. Greensill Bank’s offices in Bremen, Germany. All quotes delayed a minimum of 15 minutes. Privacy Statement , Terms & Conditions , Do not sell my info. Credit Suisse, which was a key source of funding for the speciality finance firm, selling securities created by Greensill to investors via its asset management arm, is … Credit Suisse said in a memo sent to employees on Wednesday that Michel Degen, head of asset management in Switzerland and the EMEA region, was temporarily stepping aside along with managers Luc Mathys and Lukas Haas. Credit Suisse froze $10 billion worth of funds last week that invested in securities created by the specialty finance firm. If Greensill's lending practices did not meet standards laid out in the insurance contract or were inconsistent with normal accounting rules, then an insurer would have grounds to challenge whether coverage applied, supply chain experts have said. The head of Credit Suisse's European asset management division and two other employees who worked on the bank's Greensill Capital supply-chain ... Luc Mathys and Lukas Haas … ... Luc Mathys, head of fixed income in the region, and Lukas Haas, … Reuters could not immediately reach Degen, Mathys or Haas … The Swiss bank was a key source of funding for the speciality finance firm, selling $10 billion worth of securities created by Greensill to investors via its asset management arm. REUTERS/Fabian Bimmer March 10, 2021 By Brenna Hughes Neghaiwi and Makiko Yamazaki ZURICH/TOKYO (Reuters) – Credit Suisse faces questions from regulators and insurers as it grapples with the fall-out from the collapse of $10 billion worth of funds linked to Greensill… Senior Credit Officer with primary responsibility for credit risk management of corporate clients of the Credit-Suisse International Wealth Management Division. Greensill Capital filed for insolvency on Monday after losing insurance coverage for its debt repackaging business and Credit Suisse is in the process of liquidating the funds and returning cash to investors. Hong Kong residents shift billions abroad after clampdown, India plans to widen vaccination campaign as infections surge. Reuters could not immediately reach Degen, Mathys or Haas … Greensill began to unravel last week after losing insurance coverage for its debt repackaging business, prompting Credit Suisse to freeze its Greensill-linked funds. It has said further liquidation proceeds will be paid out "as soon as practicable". Credit Suisse is in the process of liquidating its Greensill funds and has so far made $3.05 billion worth of payments to investors. Credit Suisse is in the process of liquidating its Greensill funds and has so far made $3.05 billion worth of payments to investors. All Rights Reserved. While Haas was nominally the Credit Suisse funds’ manager, Greensill had wide-ranging control over what assets it put into the fund, according to people familiar with the arrangement. News of the changes was first reported by Swiss publication Finews. See here for a complete list of exchanges and delays. Reuters could not immediately reach Mathys or Haas for comment. Our Standards: The Thomson Reuters Trust Principles. Tokio Marine's exposure to Greensill comes via a company it bought from Insurance Australia Group in 2019. Credit Suisse said in a memo sent to employees on Wednesday that Michel Degen, head of asset management in Switzerland and the EMEA region, was temporarily stepping aside along with managers Luc Mathys and Lukas Haas. FILE PHOTO: The Greensill Bank is pictured in downtown Bremen, Germany, July 3, 2019. Credit Suisse announced the termination of the supply chain finance strategies last week, and said that it is impossible for the funds to be managed as intended. Hirano said that the $4.6 billion worth of coverage attributed to Tokio Marine Holdings in court filings did not reflect the likely loss. Credit Suisse, which was a key source of funding for the speciality finance firm, selling securities created by Greensill to investors via its asset management arm, is … ... Lukas Haas Credit Risk Management - SME Clients bei Credit Suisse Zürich, Schweiz. Credit Suisse grappled with the fall ... was temporarily stepping aside along with managers Luc Mathys and Lukas Haas. The funds' troubles are a blow for chief executive Thomas Gottstein, who took the helm in the aftermath of a spy scandal and just as the coronavirus crisis struck. Reuters could not immediately reach Degen, Mathys or Haas … He declined to comment further. Severin Haas. ... Mathys ran fixed income at the division and Haas worked in credit … Email us at editorial.zawya@refinitiv.com, or send us your company press releases to pressrelease.zawya@refinitiv.com. McGrathNicol and Credit Suisse both declined to comment, while Greensill did not return calls seeking comment. “I have asked Filippo Rima to take on the role of ad-interim Head of Asset Management Switzerland and EMEA manager,” Eric Varvel, who runs asset management at the bank, said in the memo. I would like to thank Filippo and Alexandre for taking on these new responsibilities,” Varvel said in the note. According to their LinkedIn profiles, Mathys ran fixed income at the division and Haas worked in credit risk management. According to their LinkedIn profiles, Mathys ran fixed income at the division and Haas worked in credit risk management. Reuters could not immediately reach Degen, Mathys or Haas for comment. This website uses cookies to improve your online experience. Meanwhile in Australia, two people familiar with the matter said that Credit Suisse had appointed receivers to recover a bridging loan of about $140 million made to a Greensill company. A logo of Credit Suisse is pictured on a building in Geneva, Switzerland, November 8, 2017. Michel Degen has temporarily stepped aside the Swiss bank said. Reuters could not immediately reach Degen, Mathys or Haas … Credit Suisse to overhaul unit and suspend bonuses over Greensill scandal.
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