It has been a turbulent few months for the crisis-hit asset manager GAM. Now come more changes, this time in Asia.
The Zurich-headquartered fund house has named a new regional chief who will relocate to Hong Kong in the coming months, pending regulatory approval.
Rossen Djounov, formerly London-based head of international distribution, is to oversee and put a greater focus on the region, including Australia and Japan, says a report in the industry publication «Asian Investor» (behind paywall).
Djounov, who has been with GAM since 2008, previously worked at U.K. fund of funds manager Forsyth Partners.
Turbulent Times
Shareholders of GAM dealt a major blow to the leadership of the Swiss-based asset manager at the annual general meeting last month.
The pay increase awarded to GAM boss Alexander Friedman was not to the liking of shareholders, dismayed about its coincidence with the company’s sluggish performance last year. They opted to reject the firm's compensation report.
Shareholders also rejected the proposed maximum variable compensation for the executive board in 2017. They did however accept the proposals for the fixed share of the compensation for the executive and the supervisory boards.
