Switzerland-based banking group Credit Suisse will establish an impact investment division to back companies developing products or services that are beneficial to society, Reuters reported yesterday.
The formation of the unit, dubbed Impact, Advisory and Finance (IAF), was announced by Tidjane Thiam, chief executive of the bank, in an internal memo seen by Reuters.
Thiam said: “The IAF department will report to me and will direct, coordinate and facilitate activities across the bank which lead to impact investing and support our philanthropic advisory services on behalf of our private wealth, institutional and corporate clients.”
IAF’s investment strategy will be led by Marisa Drew, who has been with Credit Suisse for 14 years. She currently co-heads the firm’s Global Market Solutions division.