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CSAM Top Exec to Retire

Credit Suisse Asset Management CEO Phillip M. Colebatch will retire during the first quarter of next year, the company said.

The firm did not say why Colebatch is resigning, but Credit Suisse Group CEO Lukas Muhlemann said Colebatch "decided that now is the appropriate time to pass on the leadership."

Jeffrey Peek, the former president of Merrill Lynch's asset management business, has been hired by Credit Suisse First Boston to oversee the business unit.

Starting Feb. 1, Peek will become CSFB's vice chairman and will oversee the unit's asset gathering business, including Credit Suisse Asset Management which will become part of CSFB after the first of the year. Peek will also be in charge of Pershing, the company's securities clearing business, as well as Private Client Services, the unit's high-net-worth individual brokerage. He will report to CSFB CEO John Mack.