GAM appoints chief risk officer Elmar Zumbuehl as CEO

GAM has appointed current chief risk officer Elmar Zumbuehl as its new chief executive officer.

The appointment follows a shareholder vote to decide who would be the firm's new boss at an extraordinary general meeting on Thursday (28 September). 

Zumbuehl joined GAM in 2010 and is a member of the group management board. Prior to joining the firm, he worked at Julius Baer's asset management business, which GAM was part of at the time, for ten years.

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He was the candidate put forward by NewGAMe, the shareholder group leading the takeover of GAM. The group had previously put forward Randel Freeman for the role but announced on Tuesday (26 September) that Freeman had to pull out of the race "due to unforeseen family circumstances".

Antoine Spillmann, the newly-appointed chair, CEO and partner at Bruellan, said: "I am delighted that Elmar is now CEO of GAM. The appointment reinforces the corporate stability that is assured by the CHF 100m funding commitment of our anchor shareholder Rock Investment." 

Spillman said Zumbuehl has "the right blend" of experience and operational expertise, as well as an "in-depth knowledge" of GAM to lead the firm. 

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"Under his leadership we look to build on GAM's heritage and strong investment performance to return GAM to a path of success and growth that will create long term value for our clients, employees and other stakeholders," he added. 

"I would also like to thank the previous members of the board of directors and management for their collaboration in helping us develop a deeper understanding of the firm over the past few weeks."

The chair said GAM is now "in a very good position" to start a new chapter and support the portfolio managers and other colleagues in "continuing to deliver the best possible investment performance and exemplary client service".