Credit Suisse has replaced the head of its asset management business in the UK and Ireland in the wake of job cuts and the acquisition of its long-only funds unit by Aberdeen Asset Management. It comes as UK investment bank Shore Capital has recruited a former senior executive from the Swiss group as the first dedicated chief executive of its own funds arm.

Colin Taylor has been named as the London-based managing director of Credit Suisse's fund management operations in the UK and Ireland. He replaces former chief David Norman, who left in December as a result of a round of job cuts the group announced late last year, according to a spokeswoman.