A key executive at troubled asset manager GAM's business in Switzerland is defecting to a Liechtenstein rival.
Dominik Rutishauser (pictured, left) is set to become CEO of LLB's Swiss Investment arm, effective January 1, the Liechtensten-based bank said in a statement on Thursday. He replaces Marcel Weiss, who is moving to AMG Funds.
The exit of Rutishauser comes as GAM grapples with the aftermath of suspending star bond fund manager Tim Haywood last month. The move has sparked a glut of withdrawals, leading GAM to shut and liquidate the fund. The fallout on the asset manager as well as that of CEO Alex Friedman is unclear, as finews.com reported on Wednesday.
Rutishauser is the first executive to leave GAM following the scandal: he was part of GAM's Swiss investment management arm and he leads the firm's Swiss institutional business with third-parties – so-called private label products. He was instrumental in developing and expanding client services in the segment in the last nine years, LLB said. Rutishauser previously worked for UBS, Julius Baer and Swiss Re.
