The head of Credit Suisse's $20bn (€15bn) hedge funds business, one of the largest in the world, has resigned after only a year in the role.
A spokeswoman for the bank said Ramon Koss was leaving to pursue another opportunity, which she did not disclose. He is due to leave this week. The bank has not found a replacement for him. Koss was head of the funds and alternative solutions group, which includes funds of hedge funds, single-manager hedge funds and index investment products, each of which has its own head. The spokeswoman said: "Management is looking at the best structure for this part of the business, but there is no urgency." Sources close to the bank denied Koss's departure was linked to the fact that one of the bank's funds of hedge funds was invested in Amaranth Advisors, the US hedge fund manager that collapsed in September with $6.5bn of losses â 70% of its assets under management.
