Credit Suisse Fills Key Wealth Management Post

The Zurich-based bank has named Martin Hofacker (pictured below) to replace John Haefelfinger, according to a memorandum seen by

Martin Hofacker 160Hofacker's appointment is effective in September. He will report to Iqbal Khan, who runs Credit Suisse's flagship international wealth management operations. Haefelfinger's departure, reported exclusively by in May, was followed by the news that he will take the top job at Basellandschaftlichen Kantonalbank.

The existing corporate and specialty lending department will be renamed as real asset lending, or RAL. The department is mainly involved in shipping finance for sea- or airfreight and other complex capital transactions.

Rise in Credit Suisse

Hofacker joined Credit Suisse in 2008 and is currently a managing director in charge of the bank's institutional clients business in the bank's regions.

Prior to this, he was the Chief Operationg Officer (COO) for corporate and institutional clients and credit risk management in Switzerland. Prior to joining the bank, he worked for the Zurich-based consulting firm IFBC.

New Bank Unit

Credit Suisse also unveiled a newly-created «structured transactions group» unit, or STG, to coincide with Hofacker's appointment in September. Credit Suisse veteran Remi Mennesson has been named to lead this unit, also reporting to Khan.

The department will group structuring and origination of lending transactions against assets and hybrid collaterals along four regions: emerging markets, Europe, Latin America, and Middle East/Africa.

The move will allow wealth management to strengthen its profile and deepen client relationships, Khan said in the memo.

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