Embattled Swiss asset manager GAM has announced a new three-pronged strategy to revive the business after a tough year which will see the management board receive no bonuses.
Last year was difficult for the firm, which was hit the misconduct investigation around manager Tim Haywood and his subsequent suspension in 2018, and outflows from his absolute return bond strategy. The firm saw its underlying profit before tax drop to just CHF10.5m (£8.3m) in 2019, down from CHF126.7m (£99.9m) in 2018. Assets under management (AUM) also dropped to CHF48.4bn (£38.1bn) from CHF56.1bn (£44.2bn) at the end of 2018. As a result, the board has decided to forego bonuses for the year and its new chief executive Pete Sanderson will also not receive his fixed cash award fo...
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