Credit Suisse Asset Management, New York, eliminated the global chief investment officer's position, creating separate heads of stocks, bonds and alternatives in its place.
Today is Global CIO Laurence R. Smith's last day on the job; he said his departure was a mutual decision. Michael Kennealley, chief executive officer at CSAM, said in an internal memo that Mr. Smith "has decided to leave."
Mr. Kennealley spearheaded the restructuring and may be looking both inside and outside the company for executives to take over stocks and bonds. Earlier this year, John DiMaio was named chief executive officer for alternatives.
Executive recruiters said they have not yet heard if Mr. Kennealley will use outside help for the search or handle it internally. Mr. Kennealley could not be reached by press time for clarification.
An executive recruiter, who declined to be named, put odds on Joanne Corcoran, a CSAM fixed-income portfolio manager, to be named head of fixed income. "Naming Joanne, who is well regarded, would be the least disruptive move," said the recruiter. The recruiter couldn't name an internal candidate to lead the equity side.