GAM has appointed former BlackRock executive Peter Sanderson as its new group CEO.
Subject to regulatory approval, Sanderson will join the Swiss fund manager in September to help shape the company’s growth agenda.
He succeeds David Jacob (pictured), who has been acting as interim CEO since Alex Friedman left last November.
Sanderson was mostly recently with BlackRock where he served as head of financial services consulting, EMEA, co-head of multi-asset investment solutions in EMEA, and COO for BlackRock Solutions in EMEA. Prior to that, he worked for Mondrian Investment Partners and KPMG.
‘I am delighted to welcome Peter to GAM,’ said Jacob, commenting on the appointment.
‘He brings with him a wealth of leadership experience and the strong skill set GAM needs in order to prosper in the future.
‘My brief time as CEO has shown me the deep dedication and commitment of our people to our clients, and I am confident we will emerge stronger from our recent past,’ he added.
Jacob has been a member of GAM’s board of directors since 2017. In October, he will become chairman of the board, succeeding Hugh Scott-Barrett, who will remain as board member until GAM’s next annual general meeting.
GAM announced the management changes alongside its first half results. The firm reported net outflows of CHF 7.6 billion ($7.7 billion), partially offset by positive net market and foreign exchange movements of CHF 3.6 billion ($3.6 billion).
Net fee and commission income fell 41% from CHF 287.7 million ($290.1 million) to CHF 171.1 million ($172.7 million) year-on-year, driven primarily by lower assets in investment management.