Gam investment boss Matthew Beesley will exit the business after three years in the latest reshuffle to the senior team.
The Swiss fund group confirmed on Friday the ex-Janus Henderson global equities head would be departing and said it does not intend on replacing Beesley. He will continue to work at the fund group over the coming months to “ensure a smooth transition of his responsibilities,” Gam said.
As Beesley did not run any client money Gam said his departure would not impact on the management of any funds or mandates.
Beesley’s management duties will be assumed by the bosses of Gam’s systematic and solutions and discretionary investment groups. Group COO Steve Rafferty will take over his front office controls and trading responsibilities.
Beesley first joined Gam as its head of equities in March 2017 before being made head of investments in November that year. Last year he was appointed to Gam’s group management board.
Prior to that he spent five years at Janus Henderson, then Henderson Global Investors, as its global equities boss.
He has worked as a portfolio manager for a handful of other companies including JP Morgan Asset Management and Mercury Asset Management, which was ultimately bought by Blackrock, where he began his career in 1997.
Gam has endured a torrid period of heavy redemptions and seen a shakeup of its senior management in the last 16 months, following the dismissal of one of its star managers Tim Haywood and the liquidation of his £8.5bn absolute return bond fund range, one of its most popular products.
The Zurich-based group racked up a €12.3m loss in H1 and last quarter saw £1.1bn exit its investment arm pushing assets down to £39.9bn.
Meanwhile CEO Peter Sanderson (pictured) who joined in September has been attempting to turn the business around. Sanderson brought fellow Blackrock vet Rafferty on board to serve in the new role of COO.
The firm’s precarious position has given rise to speculation it could be taken over though Sanderson has denied Gam is in discussions with potential buyers.
Gam’s shares fell to CHF 2.83 on Friday morning.
