Research Press Release
Credit Suisse appoints Yves-Alain Sommerhalder to lead the newly created Asia Pacific Trading Solutions business to drive further growth
Credit Suisse created ITS in July 2017 to better leverage the bank’s Global Markets capabilities with an aim to provide institutional quality solutions to its wealth management clients in its International Wealth Management and Swiss Universal Bank divisions. Since its establishment, this venture has been a strong performer, giving the bank a distinct competitive edge in the market. The ITS business has executed a number of landmark transactions, helping clients better align their assets and liabilities as well as provided quick to market solutions that enable clients to protect and grow their wealth.
Commenting on the appointment, Helman Sitohang, CEO for Asia Pacific said: “As the Bank for Entrepreneurs in Asia Pacific, we have been successful in serving our clients in the region through our unique integrated platform, combining our strengths across Private Banking, Investment Banking & Capital Markets, Financing and Markets capabilities to meet clients’ needs. This holistic approach has proven to be a strong source of growth for our business over the past three years. The creation of Asia Pacific Trading Solutions is designed to help us deliver the best of Credit Suisse’s capabilities to achieve our strategic goals and also connect our capabilities for the benefit of our clients.”
As head of ATS, Mr. Sommerhalder will also oversee the Asia Pacific (APAC) Markets business, as well as the APAC Financing Group (AFG) activities. Mr. Sommerhalder will split his time between Zurich and Asia. He will report to Helman Sitohang, CEO for Asia Pacific, in this new role, while also maintaining his reporting line to Brian Chin, CEO for Global Markets, in his role as Co-Head of ITS. His appointment as head of ATS is with immediate effect.
APAC Markets is a top Equities franchise in Asia Pacific and a significant capability for our integrated APAC division and clients. APAC Markets was profitable in FY18 on an adjusted basis, and is expected to break even1 in the first quarter in spite of very challenging market conditions.
The bank’s successful AFG business provides differentiated financing products and solutions across the entire capital structure to clients, and continues to deliver solid profitability as an integral part of Credit Suisse’s positioning to ultra-high-net-worth-individual, corporate and entrepreneur clients.
Mr. Sommerhalder joined Credit Suisse in 2002 and has held a number of senior positions across our Sales and Trading businesses. He is one of the founding partners of Credit Suisse Solution Partners and was Co-Head of Global Capital Markets Structuring from 2004 to 2013. More recently, he has served as Global Co-Head of ITS and Global Head of Fixed Income & Wealth Management Products based in Zurich. He is a member of the Management Committee for both the Global Markets and International Wealth Management divisions. Mr. Sommerhalder will also join the APAC Operating Committee, following his ATS appointment.
1Estimates based on available information and beliefs, expectations and opinions of management as of April 11, 2019. Actual results may differ from any estimates.