Credit Suisse‘s global head of secondaries advisory has left the bank, prompting several personnel shifts in the bank’s New York and London offices.
New York-based Mike Custar, a 13-year veteran of the bank’s private fund group, stepped down to “pursue personal interests”, according to according to an internal bank memo seen by Secondaries Investor. He has been succeeded by Mark McDonald who assumes the role immediately. McDonald will remain in London and will report to group co-heads Michael Murphy and Kevin Naughton.
“We would like to take this opportunity to thank Mike for his exceptional leadership of the secondaries business over the past eight years and his relentless pursuit of delivering innovative and award-winning client solutions in a continually evolving secondary market for alternative assets,” the memo read.
While it was not clear if Custar will remain in the secondaries industry, a source told Secondaries Investor he has no immediate plans and wanted to spend time with his family.
In New York, Chris Areson and Gordon Appell will co-head Credit Suisse’s secondaries advisory business in the Americas, while Jeremy Duksin, a senior member of the secondaries team, will expand his role to focus on both primary and direct opportunities for North American limited partners, as well as secondaries origination and distribution, according to the memo.
In London, Jonathan Abecassis will take over from McDonald and be responsible for EMEA and Asia.
A Credit Suisse spokeswoman confirmed the memo’s contents.