The Swiss asset manager expands its Asia presence with the opening of a Singapore office, led by an ex-Templeton executive.
Zurich-based GAM is hiring Terence Bong (pictured below) to lead client activities for Singapore and Southeast Asia out of the new office, it said in a statement on Wednesday. Bong was previously Templeton's head of wholesale in Southeast Asia.
The Swiss firm is still battling outflows in a recovery bid under CEO Peter Sanderson. A flagship line of GAM bond funds had steeped itself in Greensill supply chain assets, which was in turn massively exposed to industrial magnate Sanjeev Gupta. The asset manager in 2018 shut the funds and returned investor money, but didn't entirely sever ties to Gupta until six months ago.
«The establishment of an office in Singapore, together with [Bong's] appointment, represents an important strategic step for the firm,» CEO Sanderson said. «We are planning to grow our business in Asia, including by responding to growing client demand for sustainable solutions in the region.» Bong will report to Rossen Djounov, GAM's head of the region.
