Francesca McDonagh, formerly COO at Credit Suisse and CEO of Bank of Ireland Group Plc, is slated to assume the role of CEO at Universal Investment starting January 1. The move comes on the heels of an emergency takeover of Credit Suisse by UBS Group AG (SIX:UBSG). McDonagh will be succeeding interim CEO David Blumer, who will continue to retain his chairmanship.
Universal Investment, a Frankfurt-based fund services provider supported by Montagu and CPP Investments, currently manages nearly €1 trillion in assets under administration. McDonagh's appointment marks a strategic shift for the company as she is expected to focus on driving growth through strategic deals and geographic expansion.
The change in leadership at Universal Investment follows a period of significant upheaval in the financial industry. McDonagh's prior experience as COO at Credit Suisse and CEO of Bank of Ireland Group Plc equips her with a comprehensive understanding of the sector's dynamics and challenges. Her transition to Universal Investment is part of a broader trend of executive reshuffling in the aftermath of major corporate events.
The appointment signals Universal Investment's commitment to bolstering its strategic growth plans and expanding its global footprint. Under McDonagh's leadership, the company is poised to leverage her vast experience in strategic deal-making and geographic expansion.
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