Swiss asset manager GAM is in the headlines following the suspension of a star fund manager and the closure of funds. The departure of several top managers doesn't help.
Last week, the departure of Dominik Rutishauser was made public. He joined LLB as head of the Swiss Investment unit, starting at the beginning of 2019.
Now, the departure of another top executive has become public, even if it has taken place before the recent turbulence surrounding the suspension of top fund manager Tim Haywood started: Thomas Jeck, the head of intermediary clients at GAM, has joined Vontobel, the Zurich-based private bank. He will take charge of the intermediary business, a new position, according to a statement on Monday (release in German).
GAM Still Under Pressure
Jeck has almost two decades of experience in the business with intermediaries and enjoys a strong network in the banking world, with independent wealth managers and family offices. He worked for 13 years at GAM before leaving in spring of 2018.
GAM has been in the headlines recently, starting with the suspension of Haywood for violating some internal rules. Institutional clients have since pulled out assets and the stock price of GAM has dropped dramatically. The stock has lost more than half of its value this year so far.
