Credit Suisse private banking COO considering next move
North Asia wealth management veteran Anuj Khanna is weighing up his next move after quitting as Asia-Pacific COO for Credit Suisse’s private banking business at the end of last week.
Khanna had served in the COO role for just a year, having spent the previous four as the bank’s North Asia head.
Contacted by AsianInvestor, Khanna said he was unable to comment on market rumours about his next destination. “I have spoken to a lot of people and had some good discussions, but I have not made any decisions,” he said, denying speculation he had already signed up with a bank.
Asked if he planned to remain in the private banking industry, he replied: “Absolutely. All my good friends, networks and relationships with clients and employees are in Hong Kong. I would love to continue that relationship.”
Many in the industry considered that Khanna had been shifted sideways when he was reassigned to COO under the reign of former Asia-Pacific CEO Marcel Kreis. It came as part of a move by Credit Suisse to restructure its regional private banking business in the middle of last year.
The change to a flattened structure saw Francois Monnet switched from head of private banking Southeast Asia to head of ultra-high-net-worth individuals covering all markets except Hong Kong, PRC and Taiwan.
Meanwhile Khanna, who had been head of private banking North Asia, was handed the regional COO role following the departure of previous incumbent Tom Allen.
But just last month, Credit Suisse announced that Kreis would assume a new leadership role as chairman of Asia-Pacific private banking, effective from January 1, 2012. He will be succeeded by Francesco de Ferrari, who relocated this month and takes over as Asia-Pacific head of private banking next January.
A senior industry source tells AsianInvestor: “Credit Suisse appears to be reshaping its private banking business in many ways. The way the organisation looked last year will have nothing to do with what it looks like in six months’ time.
“Structurally what they were discussing last year I am not sure will be relevant in future. It looks like the Swiss headquarters is taking tighter control of the reins.”
A spokesperson for Credit Suisse in Hong Kong confirms that Rudy Ditz, COO for private banking Singapore, will act as interim COO for Asia-Pacific private banking while the bank scouts for a replacement.
“Further information on the appointment of a successor to [Khanna] will be announced in due course,” the spokesperson says.