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GAM chief executive Friedman exits

GAM chief executive Alexander Friedman has stepped down as the mananger attempts to rebuild its reputation after recent setbacks.

David Jacob, former chief investment officer at Henderson and a director at GAM since April last year, will step in as interim chief executive while a full time replacement for Friedman is found.

GAM chairman Hugh Scott-Barrett says: “The group is facing some important decisions as we seek to position the business for future growth. Alex and the board of directors jointly agreed that new leadership will better enable us to take the action necessary to support profitability and drive forward the group’s strategy.”

The change in leadership comes as GAM hit the headlines recently due to an internal investigation into one of its bond managers, forcing it to liquidate one of its funds.

Assets dropped 10 per cent in its most recent results.

GAM has seen its share price drop by around 60 per cent since the start of the year, and reports have surfaced that talks have begun over the potential sale of all or part of the business.

Yesterday, it was reported that GAM had turned down an approach from Schroders for its hedge fund unit.

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