The banking group has named a new global head of asset management, filling a vacancy left following a recent departure.

Credit Suisse, which issued first-quarter figures today (see here), has appointed Eric Varvel to its international wealth management division as global head of asset management, effective from 1 June. He will report to Iqbal Khan, chief executive of IWM.

Varvel succeeds Bob Jain and will be based in New York, while spending significant amounts of time in Switzerland, and in various emerging markets, including the Asia-Pacific region, the bank said in a statement. Jain has left for Millennium, one of the world’s largest hedge fund firms, to hold the role of co-chief investment officer.

With more than 25 years of experience at Credit Suisse, Varvel served as a member of the executive board from February 2008 to October 2014. During this period, he held senior roles including CEO of the investment bank, and CEO of the Asia-Pacific and Europe, the Middle East and Africa. Prior to his board appointment, he was co-head of the global investment banking division, based in New York. Before that, Varvel spent 15 years building up the bank in the Asia-Pacific region in a variety of senior roles.

Most recently, Varvel served as chairman of the emerging markets and sovereign wealth funds team and was a senior advisor to the CEO.