PRESS RELEASE
Ad hoc announcement pursuant to Art. 53 listing rules:
Completion of the
Highlights
- GAM has entered into a
CHF 100 million agreement withRock Investment SA (“Rock”) which secures financing and has assured long-term financial stability for the firm - Rock, together with the other NewGAMe investors, will control almost 30% of GAM shares once their tender offer is completed
- Group Management Board (GMB) strengthened with new appointments focused on growing the business and a return to profitability
- Immediate focus on investing in client service and portfolio management:
- Hiring additional senior sales and distribution team members focusing on Continental Europe and the
UK - Appointments of additional investment managers for the Luxury Brands and Credit Opportunities strategies
- Hiring additional senior sales and distribution team members focusing on Continental Europe and the
- Investment performance continues to be strong with 82% of Assets under Management (AuM) in GAM funds outperforming their benchmarks over 3 years as of
30 September 2023 compared to 90% as of30 June 2023 - Total AuM
CHF 64.9 billion as of30 September 2023 compared toCHF 68.0 billion as of30 June 2023 . Investment Management AuM isCHF 20.2 billion as of30 September 2023 compared toCHF 21.9 billion as of30 June 2023 - The sale of the third-party Fund Management Services (“FMS”) activities to
Carne Group is progressing well
Rock is part of NJJ Holding SAS (“NJJ”), the investment holding company of
The financing agreement entered into by GAM and Rock provides up to
The appointments to the GMB reflect the deep bench of talent at GAM. All the newly appointed members have the relevant experience to lead the implementation of GAM’s turnaround under the overall leadership of
The GMB now consists of
GAM’s depth of investment talent and continuing strong investment performance is reflected in the many awards that have been received by the investment teams during 2023. The recent double award for GAM from
Anthony Maarek, Managing Director of
Assets under Management
As of
Investment Management assets and flows
Assets under management movements (CHF bn)
Capability | Opening AuM | Net flows Q3 2023 | Market/FX Q3 2023 | Closing AuM |
Fixed income | 9.5 | (1.0) | 0.2 | 8.7 |
Equity | 5.0 | (0.4) | (0.2) | 4.4 |
Alternatives | 1.1 | (0.1) | - | 1.0 |
Multi asset | 6.3 | (0.2) | - | 6.1 |
Total | 21.9 | (1.7) | (-) | 20.2 |
Fund Management Services assets and flows
Assets under management movements (CHF bn)
Fond domicile | Opening AuM | Net flows Q3 2023 | Market/FX Q3 2023 | Closing AuM |
Rest of | 38.4 | (0.2) | (0.7) | 37.5 |
7.7 | (0.5) | - | 7.2 | |
Total | 46.1 | (0.7) | (0.7) | 44.7 |
Background on GMB members:
Elmar Zumbuehl , Group CEO
Prior to being appointed Group CEO, Elmar had been GlobalChief Risk Officer and member of the Group Management Board since 2017. Elmar joined GAM in 2010 as senior legal counsel and risk manager and in 2011 became general counsel and corporate secretary ofGAM Holding AG and director of a number of GAM subsidiaries. Prior to joining GAM, Elmar had worked at Julius Baer for ten years in a number of senior roles. Elmar was admitted to the bar inSwitzerland in 2000, is a graduate of theUniversity of St. Gallen (HSG) and holds masters degrees in business administration (lic. oec. HSG), specialising in finance and accounting as well as operations research, and law (lic. iur. HSG). Elmar is a Swiss citizen.
- Rossen Djounov, Global Head of Distribution and Sales
Prior to being appointed Global Head of Distribution and Sales, Rossen was the Managing Director and Head of GAM’s Asia Business based inHong Kong where he was responsible for APAC distribution and for the business management of GAM’s offices inHong Kong ,Singapore ,Sydney andTokyo . Rossen joined GAM in 2008 inLondon to help build the Structured Investments business. From 2015 to 2017 he was GAM’s Head of International Distribution leading the firm’s distribution activities in US offshore,Latin America , Central andEastern Europe and theMiddle East ,Japan ,Australia and New Zealand . Prior to GAM, Rossen spent 12 years atForsyth Partners in various roles inLondon andDubai including Head of Investments and Head of Distribution. He holds an MBA in Financial Services from theUniversity of Exeter . Rossen is aUK and Bulgarian citizen and is based inHong Kong .
Martin Jufer , Global Chief Operating Officer and CEO Switzerland
Prior to being appointed Global COO, Martin was Global Head of Wealth Management. Until 2022 Martin was the region head of continentalEurope and oversaw GAM’s Fund Management Services Business. From 2013 to 2015, Martin had been responsible for GAM’s continental European operations function. Before joining GAM, Martin had spent 17 years at Julius Baer in various roles including chief operating officer and head of products and services for Swiss & Global Asset Management and prior to that he had been responsible for fund administration, middle office and IT. Before joiningJulius Baer , Martin was an auditor withErnst & Young . Martin holds an MBA from theUniversity of St. Gallen (HSG), and he is a certified European financial analyst (CEFA), US certified public accountant (CPA) and a certified ESG analyst (CESGA). Martin is a Swiss citizen.
David Kemp , Global Head of Legal and Compliance & GAMUK CEO
Prior to being appointedUK CEO and Global Head of Legal and Compliance, David was Global Head of Compliance. Prior to joining GAM inOctober 2018 , David was General Counsel, Asset & Wealth Management at Schroders from 2012. He previously held a number of senior front office positions in investment banks including Head of Sales and Structuring. His experience includes credit, commodities, infrastructure, direct lending, non-performing loans, alternatives, quantitative strategies, supply chain finance and sharia compliant products dealing with institutions, corporate and high net worth clients acrossAsia , the Middle East Europe andNorth America . David began his career as a solicitor with a leading City law firm. David holds a post-graduate diploma in law and legal practice course from theCollege of Law ,Guildford , a master's degree in Business Finance fromBrunel University and a BA (Hons) in Philosophy from King’s College,University of London . He holds the FT NED Diploma. David is aUK citizen.
Richard McNamara , Group CFORichard McNamara was appointed group chief financial officer and became a member of GAM Holding AG’s Group Management Board in 2015. After a short break in 2022, Richard returned in early 2023 in an interim position to help support the process of securing a strategic outcome for the firm. Richard has now re-joined GAM as group CFO and a member of the GMB. Before joining GAM Richard had been atHenderson Group since 2009 in various roles including managing director, finance. Prior to Henderson, Richard held senior finance roles at Western Asset Management,Legg Mason and Citigroup Asset Management. Richard is a chartered accountant and holds a BA (Hons) in finance and accounting fromBrighton University . He started his career atPricewaterhouseCoopers where he was a senior manager in the investment management industry group. Richard is aUK citizen.
Albert Saporta , Global Head of Investments & ProductsAlbert Saporta has 40 years’ experience in global financial markets, with over 30 years in the hedge fund industry focusing on special situations and arbitrage. Albert started his career at Paribas inParis , where he managed theJapan /Asia mutual funds from 1984-85. He joined Merrill Lynch inLondon as Vice President of Japanese equity sales from 1985-88, covering majorUK , European and US institutional accounts. In 1988, he joinedUBS Securities inLondon where he headed quantitative research and hedge fund sales for Japanese equities until 1991. He then joined IFM, at the time the firstLondon -based hedge fund of size and owned by Jacob Rothschild’s St James’s Place and AIG and where he set up and managed relative value global equity arbitrage strategies until early 1995. He then left to set upGeneva -based AIM&R, a hedge fund advisory and research firm, managing the top-performing SOG and SOGAsia funds (the latter in a strategic JV with UOB). InMarch 2006 , Albert sold AIM&R ‘s research and hedge fund businesses to ABN Amro Bank (London ). As part of the transaction, he set-up theSpecial Opportunities Group (SOG) at ABN (based inLondon ,Singapore andSao Paulo ), managing a balance sheet of overUS$ 1bn in global arbitrage strategies and special situations. AIM&R was relaunched in 2011 under its current form as a research and trading advisory firm, and advising some of the largest global hedge funds, pension funds, prop trading firms and UHNW family offices. Albert has a master’s in International Affairs fromColumbia University (1984), an MBA (1983) and BSc in economics (1982) fromNew York University , and a Math/Physics degree from theUniversity of Nice (1980). In his career, Albert has lived and worked inNew York ,San Francisco ,London ,Paris ,Geneva ,Tokyo ,Singapore ,Sao Paulo ,Rio de Janeiro ,Moscow andTel Aviv . He is fluent in French, English, Spanish and Portuguese. Albert is a French, Israeli and Spanish citizen.
For further information please contact:
Global Head of Communications and Investor Relations
T +44 7890 386 699
Media Relations
Ute Dehn Christen
T +41 58 426 31 36
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Attachments
- 2023 10 19 Ad hoc GAM IMS Q3_2023 Media Release_EN
- Djounov Rossen GAM
- Jufer Martin GAM
- Kemp David GAM
- McNamara Richard GAM
- Saporta Albert GAM
- Zumbuehl Elmar GAM
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