Investor group NewGAMe has named Randel Freeman as its candidate for chief executive of GAM with the board of the Swiss asset manager due to step down.
In an announcement yesterday (29 August), the current GAM board said it has agreed to resign after an EGM on 27 September and recommended NewGAMe’s candidates be elected at the meeting.
Yesterday, the investor group announced it had agreed to provide CHF 20m (£18m) short-term financing to GAM to cover its immediate liquidity needs. It comes after Liontrust demanded the Swiss asset manager repay an £8.9m loan it made during its unsuccessful attempt to acquire the firm.
David Jacob, chair of GAM, said: “I am pleased that we have successfully concluded our discussions with NewGAMe and entered into financing arrangements.
“This provides a clear path forward for GAM and stability for our clients, employees and all other shareholders. I would like to thank clients, employees and shareholders for their patience during the process of securing a strategic outcome for GAM.”
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With 35 years in industry, GAM CEO candidate Randel Freeman held roles at Goldman Sachs in the US before beginning his career in Europe at hedge fund Banque Paribas in 1995.
He co-founded Centaurus Capital in 2000 and served as the firm’s CIO and CEO, before selling the hedge fund to Fortress Investment Group in 2014.
Antoine Spillmann, CEO at Bruellan and the investor group’s proposed candidate for chair of GAM’s board, said: “We are delighted Randy Freeman has agreed to be our candidate for CEO of GAM. He is an outstanding investor with significant management, client and marketing experience.
“His deep understanding of the core fund management business is complemented by his hedge fund and alternatives experience, making him the perfect candidate to lead GAM, return the business to growth and create long-term value for all of GAM’s clients and other stakeholders.”
See also: Is Liontrust a target for M&A? Stock upgraded to ‘buy’ in wake of GAM offer collapse
