The hire of a former hedge fund executive has signaled Credit Suisse’s return to a business it abandoned two years ago.
The Swiss bank has named David Chene a director in distressed debt trading. Credit Suisse has not had a distressed debt unit since closing it in 2008 as it sought to cut risk.
Chene joined the firm in August, Financial News reports, from Morgan Stanley, where he served as a senior structured securities trader. He joined Morgan Stanley from hedge fund DA Capital.
At Morgan Stanley, Chene has been replaced by another now-former alternative investments veteran: Michael Khouri, who returned to the bank this summer from private equity firm Mount Kellett Capital Management.