GAM investor group changes CEO candidate on eve of EGM

Chief risk officer Elmar Zumbuehl replaces Randel Freeman, who has withdrawn due to unforeseen family circumstances

Swiss flag waving, church and colorful facades of houses in Old Town of Zurich, the largest city in Switzerland in sunny day.


GAM investor group NewGAMe and Bruellan has announced Elmar Zumbuehl as its proposed candidate for CEO of the Swiss asset manager.

The group, which holds approximately 9.6% of GAM shares, had previously put forward Randel Freeman as its CEO candidate after the GAM board agreed to step down on 30 August.

However, he has withdrawn due to unforeseen family circumstances.

The announcement yesterday (26 September) came on the eve of an extraordinary general meeting at which shareholders are due to vote on the appointment of the investor group’s board candidates.

See also: GAM board steps down as NewGAMe announces CEO candidate

Zumbuehl currently serves as GAM’s chief risk officer.

He joined the firm in 2010 following a 10-year spell at Julius Baer, where he held a range of senior roles.

The investor group also announced an additional CHF 100m (£89.8m) of short- and long-term funding, subject to its board candidates being approved at the EGM.

NewGAMe, owned by Rock Investments, strongly opposed the ultimately unsuccessful Liontrust £96m bid to take over GAM.

Following the rejection of the deal, GAM’s board announced it would stand down, with shareholders now set to vote on NewGAMe’s director candidates.

Antoine Spillmann, CEO and partner at Bruellan and proposed candidate for chair of GAM, said: “We have had intense and productive interactions with GAM’s teams in London, Zurich and other locations over recent weeks and understand the importance of demonstrating our long-term commitment to the company.

“Therefore, we are pleased to see Rock commit further funding of up to a total of CHF 100 million to allow GAM to invest in growth and give clients, fund managers, regulators and employees total confidence in the future of the company. We are also thrilled that Elmar has accepted the opportunity to work with the new board as CEO of GAM.

“He has the right blend of experience and operational expertise, as well as an in-depth knowledge of GAM, to stabilise the company and take it forward. Elmar is well known and  respected at GAM, and he offers continuity as we look to build on GAM’s heritage to return the company to profitability and growth.”

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