(updated with correction)
Stephen Stonberg was named COO of the product management group in Credit Suisse Asset Management’s alternative investment unit, confirmed Suzanne Fleming, a spokeswoman.
The position is new. Mr. Stonberg will report to Ravi Singh, managing director and head of alternative investments, and Alastair Cairns, managing director, head of strategy, merger and acquisitions, and product development for the asset management unit.
Mr. Stonberg was a partner and CEO of Brevan Howard U.S., the North American marketing unit of European alternative investment manager Brevan Howard Asset Management. A spokesman for Brevan Howard declined to comment, citing company restrictions concerning personnel matters.
A source close to Brevan Howard, who requested anonymity, said Mr. Stonberg’s departure is related to the closure to new investors of the $26 billion Brevan Howard Master fund. The source said Mr. Stonberg will not be replaced.