New chapter

30 July 2019 By Lisa Jucca Follow @LJucca

The Swiss asset manager is burying the hatchet with a former employee linked to a $11 bln fund scandal that knocked 60% off its market value. Shelving litigation will help new boss Peter Sanderson focus on rebuilding the franchise. New inflows are an early sign the worst is over.

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Embattled Swiss asset manager GAM Holding on July 30 named BlackRock executive Peter Sanderson as its new chief executive, effective Sept. 1. Sanderson will replace interim CEO David Jacob.

GAM has lost assets after it last year limited withdrawals from several funds while suspending and later sacking top money manager Tim Haywood for misconduct. Haywood has denied any wrongdoing.

The asset manager said in its first-half earnings release it had agreed with Haywood that neither party would pursue the other based on current facts.

The Swiss group also said it had net new inflows into its funds in June and July.

Shares in GAM were up 5.8% at 4.37 Swiss francs at 0710 GMT on July 30.

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