Credit Suisse brings in new ETF chief for Europe drive
Credit Suisse has hired a new head of exchange-traded funds from Lyxor Asset Management to oversee the aggressive expansion of its ETF business in Europe. The Swiss bank launched almost 50 new funds in the region last year.
Credit Suisse Asset Management has hired Dan Draper as managing director and head of ETFs. A source close to the move told Financial News that his hire is part of a plan to push the Swiss bank's ETF platform further across Europe.
His hire follows CSAMs expansion of its ETF business in Europe last year, when it 16 new ETFs in Switzerland, 16 in Germany and 17 in Italy.
Oliver Schupp, head of beta strategies in asset management and co-head of the bank’s ETF steering committee, said: “Dan’s extensive experience over the past decade in the development and trading of ETFs will be invaluable as we continue to grow this business."
Draper joins from Lyxor Asset Management, a division of Société Générale, where he was managing director and global head of ETFs. He will begin his new role later this spring, and will be based in London reporting to Schupp.
Prior to joining Lyxor, Draper was the director of UK and Ireland business development at iShares, a division of Barclays Global Investors.
The market for all exchange-traded funds and related products could grow to €1 trillion ($1.4 trillion) in size this year if equities markets continue to rise, marking a growth of over 25% in just 12 months, according to research by Deutsche Bank published last month.
--write to lwillington@efinancialnews.com
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