There has been an unforeseen twist in the operational management of the Swiss asset manager. A GAM veteran is ready to take the helm.
The investor group comprising NewGAMe and Bruellan controlling about 9.6 percent of Swiss asset manager GAMs share capital, nominates Elmar Zumbuehl to become CEO, according to a media release issued Thursday evening. The previously proposed candidate to replace current CEO Peter Sanderson, Randel Freeman, has withdrawn due to unforeseen family circumstances.
Zumbuehl is a GAM veteran, who joined in 2010 and is currently chief risk officer and a member of the group executive committee. Before joining GAM, he spent ten years at Julius Baer in various senior roles, including its asset management business, of which GAM was then part.
Stability for Clients
Newgame says it's committed to securing the necessary financial resources to fund GAM's operations and ensure stability for clients, employees, and stakeholders. Rock Investment SAS, a member of NewGAMe's investor group, provided short-term financing of up to 20 million Swiss francs ($21.9 million) to meet GAM's immediate liquidity needs.
In line with its commitment to provide support, Rock is prepared to provide GAM with a mix of short-term and long-term funding of up to 100 million francs. The additional support is subject to the election of NewGAMe's proposed board members at GAM's annual general meeting on September 27, and not contingent on the outcome of other proposals.
Expansion of Shareholding
Having submitted applications to regulators in Switzerland, the UK, Luxembourg, Ireland, and Italy for permission to hold up to 30 percent of GAM's issued share capital, NewGAMe received a «no-objection» letter from the Swiss Financial Market Supervisory Authority (finma) and expects similar feedback from other regulators shortly
This clears the way for NewGAMe to acquire up to 30 percent of GAM.
