Rackind to leave Credit Suisse as UBS shake-up progresses

Robert Rackind, the global head of real estate at Credit Suisse Asset Management, is leaving the firm following its purchase by UBS.

PERE understands staff were informed earlier this week that Rackind will be departing within the next three to four weeks.

Rackind was unavailable for comment and a spokesperson at Credit Suisse Asset Management declined to comment when approached on the matter.

However, it is understood his leaving is part of a wider slew of departures expected as the integration of the two banks progresses to senior management over the coming weeks. The process started in June at the executive board level.

It was announced in March that UBS would be acquiring Credit Suisse for $3.25 billion as part of the Swiss government’s swift move to avert a banking crisis. One ramification of the merger was the prospect of a $160 billion real estate powerhouse, combining the real estate management businesses with that of UBS Asset Management. A merger would also see the conjoined bank reconcile with integrating 500-plus staff at UBS with about 180 staff at Credit Suisse.

UBS Asset Management’s real estate business is ultimately led by head of real estate and private markets Joe Azelby, who joined the firm in 2019. One person familiar with the integration process said: “There are currently divisions announcing [departures] a level below the group executive board and some have gone earlier than others.  I think you will see more statements out as [they] move forward with the integration.”

It is believed Rackind has not yet determined his next role but is expected to remain in Switzerland in the short term and assume another role outside of his native UK at some stage.

Rackind joined Credit Suisse Asset Management in June 2022 after leading the growth of the real estate business at Stockholm-based private equity firm EQT. He left there after EQT merged with Exeter Property Group a year earlier.

In the year he spent at the Swiss bank, the highest profile deal to have happened was the $835 million joint acquisition of the Diplomat Hotel in Florida with local manager Trinity Investments from Toronto-based mega-manager Brookfield Asset Management. It was the biggest single-asset deal the firm had ever done.