Swiss Re said David Blumer, formerly chief executive officer for Credit Suisse Group's Asset Management division, has been appointed head of Swiss Re financial markets and member of the firm's Executive Committee.
At the same time, Credit Suisse Group announced the bank has promoted Rob Shafir to fill the vacancy left by Mr. Blumer.
Both Credit Suisse and Swiss Re made their announcements today.
Jacques Aigrain, Swiss Re's CEO, in a statement called Mr. Blumer a leader with "extensive expertise in the field of asset management, as well as other aspects of the financial markets," who will "inject new perspectives that will further strengthen our competitive advantage and invigorate the team."
Brady Dougan, CEO of Credit Suisse, said, "The challenging markets that have existed since the middle of 2007 offer Credit Suisse enormous opportunities to progress our strategy," and Mr. Shafir "is committed to leading the asset management business in pursuit of this goal."
Mr. Shafir started in his new job today and will continue as CEO of the Americas region, Credit Suisse said. He also will be a member of the executive board of Credit Suisse, reporting to Brady Dougan.
Mr. Shafir joined Credit Suisse in 2007 from Lehman Brothers, where he worked for 17 years, most recently serving as head of equities. He was also a member of Lehman's Executive Committee.
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