GAM is replacing its departing distribution head with a Blackrock veteran – and an as-yet-unnamed executive. The changes follow a tumultuous six months for the Swiss asset manager.
The Zurich-based asset manager is hiring Jeremy Roberts as its head of distribution, effective September 1, it said in a statement. Roberts, a former Blackrock executive, replaces Tim Rainsford, who has held the role since 2017 and is leaving GAM, the company said.
GAM said it also plans to appoint a separate head of institutional solutions to replace Rainsford, and that this person will be appointed at a later date. Roberts was Blackrock's retail sales head in the U.K. until he left to take a family break last autumn, according to trade media.
Corona Troubles
The changes follow a rocky first half for GAM, which wants to cut spending by 65 million Swiss francs ($69 million) by year-end. CEO Peter Sanderson last month played down speculation GAM would be sold. Italy's Generali, British rival Schroders, U.S. fund firm Columbia Threadneedle, and Swiss bank UBS have variously emerged as potential suitors for parts of all of the asset manager.
Founded in 1983 by Gilbert de Botton, GAM was sold to UBS in 1999, then Julius Baer in 2004, and ultimately spun off again five years later. De Botton, who died in 2000, is widely considered the architect of open architecture in asset management. GAM has struggled to recover from a scandal at an absolute-return bond fund unit which surfaced publicly nearly two years ago.
