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Bailey McCann, Opalesque New York:

GAM CEO Alexander Friedman has stepped down amid growing uncertainty over the firm's future. David Jacob will act as interim CEO while the firm conducts a search for a more permanent replacement.

In a statement, GAM Chairman Hugh Scott-Barrett said: "The Group is facing some important decisions as we seek to position the business for future growth. Alex and the Board of Directors jointly agreed that new leadership will better enable us to take the action necessary to support profitability and drive forward the Group's strategy. David Jacob is the ideal person to lead the company, given both his detailed understanding of the Group and his successful track record leading asset management businesses."

The change in leadership comes on the heels of news that GAM rejected Schroder's offer for its hedge fund business Cantab Capital Partners, according to the Financial Times. GAM reportedly declined because it would be harder to sell the remaining business without the hedge fund unit.

The long-term future of GAM is unclear after many investors left the firm following the suspension of absolute return manager Tim Haywood. Assets under management at the firm are down more than ten percent in the wake of the whistleblower complaint that led to Haywood's departure. GAM's share price plunged as well, l......................

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