Peter Sanderson was named group CEO at GAM Holding, effective Sept. 1, a news release from the Zürich-based company said on Tuesday.
The hiring by the firm's board of directors is subject to regulatory approval. He will replace interim CEO David Jacob, who has held the position since the November 2018 after the departure of Alexander S. Friedman.
Mr. Jacob, a member of GAM's board of directors, will become chairman of the board effective Oct. 1, succeeding Hugh Scott-Barrett, who will remain on the board until GAM's next annual meeting.
Mr. Sanderson had been head of financial services consulting in EMEA, co-head of multiasset investment solutions in EMEA and chief operating officer for BlackRock Solutions. BlackRock spokesman Ryan O'Keeffe could not be immediately reached to provide further information.
"I am thrilled to be joining GAM and look forward to leading the business through its stabilization and into renewed growth," Mr. Sanderson said in the news release. "With its specialist and distinct product offering, and the true independence of its investment managers, GAM is in a unique position in the asset management industry. I look forward to working with the talented and dedicated staff at GAM to continue delivering the products, services and returns our clients expect from us."
Assets under management for GAM Holding's investment management unit totaled 52.1 billion Swiss francs ($53 billion) as of June 30. In July 2018, the firm liquidated its absolute-return bond fund strategies after fielding redemption requests from investors. The requests were sparked by the suspension of Tim Haywood, investment director and business unit head for unconstrained/ABR strategies. Mr. Haywood was terminated earlier this year.
GAM officials could not be immediately reached to provide further information.