Elmar Zumbuehl, currently global chief risk officer, has been appointed group chief executive officer, effective immediately, by the newly elected board of Swiss investment manager GAM Holding, after the previously proposed candidate, Randel Freeman, withdrew his name.
Zumbuehl initially joined GAM Holding in 2010, said an Oct. 2 news release.
On Sept. 26, an investor group comprised of NewGAMe and Bruellan, which together controls about 9.6% of GAM Holding, proposed Zumbuehl as its candidate for CEO. The previously proposed candidate, Randel Freeman, withdrew his name due to "unforeseen family circumstances," that release noted.
GAM Holding had investment management assets of 21.9 billion Swiss francs ($24.4 billion) as of June 30.
Rock Investment, a member of the NewGAMe investor group, has provided short-term financing of up to 20 million Swiss Francs to cover GAM's immediate liquidity needs, the Sept. 26 release noted. Rock Investment is also prepared to provide GAM with a mix of short- and long-term funding up to an increased total of 100 million Swiss Francs.
Antoine Spillmann, chairman of GAM Holding, said in the Oct. 2 release: "The appointment (of Zumbuehl) reinforces the corporate stability that is assured by the (100 million Swiss Franc) funding commitment of our anchor shareholder Rock Investment."
U.K. manager Liontrust Asset Management had offered to acquire GAM in May in a $120 million deal that was rejected by shareholders.
A spokesperson for GAM Holding said they have yet to name a successor for Zumbuehl as global chief risk officer.
