GAM chief executive faces shareholder pressure amid Haywood suspension - reports

GAM's share price has halved in Friedman's tenure

Chief executive of Swiss asset management giant GAM Alexander Friedman is under increasing pressure from key shareholders, following a series of crises that have hit the firm since he took up the role in 2014, according to reports.

Friedman's tenure has overseen a profits warning caused by an unsuccessful acquisition, a faltering share price and, most recently, from the suspension of Tim Haywood. According to the Financial Times, Friedman has in the last few days met with GAM investors, including Silchester International Investors, T. Rowe Price and Kiltearn Partners, which hold a quarter of its shares. GAM reveals fresh details of possible policy breaches by suspended Haywood GAM, which in July warned of a severe writedown of its 2016 purchase of UK hedge fund Cantab, opted to suspend absolute return bonds f...