Jack DiMaio, head of fixed income for North America at Credit Suisse First Boston, is moving to sister outfit Credit Suisse Asset Management (CSAM) to take a senior global position. The asset manager expects to appoint a new ceo and DiMaio will likely take this role or a fixed income role reporting into the ceo, according to an official familiar with the plans. Either way he will likely boost the alternative investments arm of the asset manager, developing products such as convertible arbitrage funds, said the official. If DiMaio gets the ceo role he will report to Jeffrey Peek, vice chairman of CSFB. The asset manager has over USD280 billion in assets under management, of which USD3.5 billion are in alternative assets. DiMaio declined comment and Peek did not return calls.
Industry observers have been anticipating a change in DiMaio's role for several weeks following CSFB's hire of Morgan Stanley heavy-weight Jerry Wood as global co-head of fixed income (DW, 1/21). Market officials speculated DiMaio had been passed over for the position, but one CSFB insider said DiMaio had been offered the position of co-head at CSFB but turned it down in favor of a career change. DiMaio has worked in CSFB's fixed income division for approximately 16 years, according to officials familiar with his career.