Steven Rappaport, who had served as an independent trustee of the now-UBS-owned Credit Suisse Trust since 2005, has retired from his position on the board.
Rappaport, 77, a former board chair who has held a seat since 2005, was the board’s longest-serving independent trustee until his retirement at the end of December 2024, according to an SEC filing.
UBS declined to say whether the board would seek to fill Rappaport’s seat or comment on whether his retirement was prompted by the board’s mandatory retirement age of 75. The company also declined to comment on whether the board exercised its right to waive that deadline and allow existing members to continue to retain their seats beyond the nominal age of retirement.
Rappaport continues to serve as a partner at Lehigh Court and RZ Capital, roles he has held since July 2002.
He previously served as a director of the abrdn emerging markets equity income fund and as a director of abrdn Funds, which included 20 open-end portfolios, from 2016 to 2023.
Rappaport’s departure reduced the board’s size to from seven to six, four of whom are independent trustees. Other indies include board chair, Laura DeFelice, 66, Mahendra Gupta, 69, Samantha Kappagoda, 57 and Lee Shaiman, 69. Shaiman, who was appointed in August, 2024, is the most recent addition to the board.
The board’s membership also includes Charles Gerber, 70, who was appointed to the Credit Suisse open-end fund’s advisory board in August, 2024, but also serves as a trustee of the closed-end Credit Suisse Funds.
The board’s sole interested trustee is UBS Americas managing director John Popp, 69, who has held a seat since 2017.
The trust’s CCO is Brandi Sinkovich, 46, who has served in the position since 2023.
The board, which oversees seven portfolios, maintains two committees: an audit committee and a nominating committee, which consists of all independent trustees.
Gupta serves as the chair of the audit committee, and Kappagoda serves as the chair of the nominating committee.
Compensation for independent trustees ranged between $181,550 and $212,240 for the fiscal year ending Dec. 31, 2024.
UBS, a Zurich, Switzerland-based global wealth manager, reported a total of $5.9 trillion in AUM as of June 30, 2025.
