Credit Suisse’s Eric Varvel is following the well-trodden path of investment bankers switching to take charge of an asset management business, even where they lack experience in the sector.

Varvel, most recently chairman of emerging markets and sovereign wealth funds at Credit Suisse, has been anointed by Iqbal Khan, the former EY consultant who joined the Swiss bank in 2013. Khan became chief executive of its international wealth management business in October 2015 and presided over an improvement in inflows and margins at the unit in the first quarter of 2016.