Print this article

Switzerland's GAM Holding Restructures Leadership Roles

Tom Burroughes

16 January 2013

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.