Switzerland’s
GAM Holding, the investment house, has announced it will change its operating
model from its current “pure financial holding company” and combine management roles
to operate as a more streamlined business, creating the new role of group chief
executive.

At GAM’s next ordinary annual meeting and the end of his
term on 17 April, Johannes de Gier, current chairman and CEO of GAM Holding,
will stand for re-election to the board of directors to solely retain his role
as chairman, Zurich-listed GAM said in a statement today.

David Solo, who is CEO of GAM Holding’s two operating
businesses, will assume the newly-created role of group CEO.

Board of director members de Gier, Dieter Enkelmann and Hugh
Scott-Barrett, whose terms of office expire in April, have all agreed to stand
for re-election. The board will also nominate Tanja Weiher for election as a
new independent member.

If shareholders agree to the proposals, the board will
increase to six from five members.

Explaining the changes, GAM said that GAM and Swiss &
Global Asset Management will remain distinct operating units with separately
branded products, the new structure will allow the group to “further integrate
common functions and to exploit additional synergies”.

The finance and risk functions across the group will now be
combined in an expanded group chief financial officer role under Marco Suter,
currently group head of risk.

Andrew Wills, GAM Holding’s chief financial officer, will
work with Suter to transition his current responsibilities before leaving the
firm. Suter worked at the firm during its separation from Julius Baer, leading
to GAM’s listing as an independent business in 2009.

GAM said it does not expect any extraordinary restructuring
charges as a result of the changes, and is due to give more details on 5 March
when it issues annual results for 2012. The changes require approval of the
Swiss Financial Market Supervisory Authority (FINMA), the statement added.