The CEO of troubled GAM, Alex Friedman, is leaving his job. The Swiss asset manager has become a takeover candidate following a fund manager scandal.
Alex Friedman, CEO of Zurich-based GAM since 2014, is leaving the job, effective on Tuesday, the Swiss asset manager said in a statement on Tuesday.
His exit isn't a surprise: Friedman has been under fire since suspending a star portfolio manager 14 weeks ago and shut down his fund. The move has sparked widespread withdrawals in other parts of GAM, rattled investors, and ultimately forced the asset manager to consider being acquired by a rival.
«Alex and the board of directors jointly agreed that new leadership will better enable us to take the action necessary to support profitability and drive forward the group’s strategy,» GAM Chairman Hugh Scott-Barrett said.
«Important Decisions»
GAM and Friedman are parting ways without a clear succession plan: the CEO will be replaced temporarily by David Jacob, a board member. Jacob was CEO of a fixed income asset manager snapped up by Allianz two years ago, and previously with British asset manager Henderson and Swiss bank UBS.
GAM's chairman didn't mince words on the asset manager's future: «The group is facing some important decisions as we seek to position the business for future growth.»
Two weeks ago, when GAM posted massive outflows in its first report since suspending star fund manager Tim Haywood, the company had said it is keeping all its options open. GAM has been touted as a takeover candidate, albeit still an altogether too toxic one.
More to follow
