GAM CEO Friedman Leaves After Manager Suspension Fuels Outflows

(Bloomberg) -- GAM Holding AG, the Swiss asset-management firm that’s been in a tailspin since suspending a star fund manager, said chief executive officer Alex Friedman will step down and be replaced in the interim by board member David Jacob until a permanent CEO is found.

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Digging Deeper

• Last year, Swiss hedge fund RBR Capital abandoned an attempt to push through a radical overhaul and management changes at GAM after failing to rally enough shareholders to achieve its goals. Among its wishes was the removal of Friedman, who has run the company since 2014.
• The $145 billion money manager expects to review its profit targets, people with knowledge of the matter said earlier in October. The loss of funds managed by Haywood -- as well as outflows from other strategies -- wiped out tens of millions of francs in earnings.

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