Alexander S. Friedman was named group CEO of GAM Holding AG, spokeswoman Larissa Alghisi Rubner said.
Mr. Friedman will replace David M. Solo, who announced that he will resign effective Sept. 8 to pursue other opportunities. Despite resigning as group CEO, Mr. Solo will stay with GAM Holding for a couple of months to help Mr. Friedman take over the role and to ensure a smooth transition.
Mr. Solo currently has no concrete plans after leaving the company, Ms. Rubner said.
One of Mr. Friedman’s main focuses will be to continue developing GAM’s multiasset offerings.
Mr. Friedman was a group managing director and global chief investment officer of UBS Wealth Management and Wealth Management Americas, as well as chairman of the UBS global investment committee. Mark Haefele, a group managing director, replaced him, said UBS spokesman Nicholas Rice.
GAM had 119.6 billion Swiss francs ($130 billion) in assets under management as of June 30.