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What about the new strategic bond fund being built up by Alex McKnight?

We’re definitely trying to grow it. We need time to build it from the current level of around 180 million Swiss francs and further build-up a track record.

Your new CEO, Peter Sanderson, starts next month. Unfettered of any legal issues related to ABRF?

We currently have absolutely no indication that we face any sort of legal threats.

What will your new CEO’s most urgent priorities be?

There’s a lot to do. Getting clients back on-side is important. I think GAM has to be out there and make sure our clients are hearing us and that they have faith in the business.

What about strictly financially?

It’s important we don’t lose focus on profitability. Pete will have to focus on keeping costs under control, but also really leverage on areas where we have recognized expertise, our truly active investment solutions, to grow the business. That will take a lot of client contact.

Do you have any plans to overhaul how your fund managers are paid, which is strongly linked to their performance and assets?

There’s no need to redesign it. Fund managers want to know they have a direct impact on their own compensation – that’s a great way to attract and retain talent.

Did you find any evidence of other GAM portfolio managers behaving in a similar manner to Tim Haywood?

Not at all. There is no need to do any other investigations. We have a tight control framework in place, which is designed to pick up on any sort of irregularities in a timely manner, should there be any. 

David Jacob, temporary CEO of GAM since November, hands over to permanent CEO Peter Sanderson next month. The 55-year-old Jacob will become chairman of the Swiss asset manager from October. A dual British-American citizen, the banker was formerly the CEO of Rogge Global Partners, a fixed income boutique now owned by German insurer and asset manager Allianz. Previously, Jacob was a director of Henderson Global Investors and has also worked at UBS, Merrill Lynch, and J.P. Morgan. He graduated with a degree in economics from Wharton.