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Bailey McCann, Opalesque New York: French billionaire Xavier Niel's NewGAMe shareholder group is providing 20 million Swiss francs ($23 million) as a lifeline investment to GAM following Liontrust's failed bid for the firm. NewGAMe also plans to put forward a new CEO candidate at an upcoming special meeting at the end of September.
According to reporting in the Financial Times, NewGAMe, which owns 9.6% of GAM, will put forward hedge fund and asset management industry veteran Randel Freeman as chief executive, a position currently held by Peter Sanderson. From 2017 to 2023, Mr Freeman was a member of the Investment Committee at Sterling Strategic Value, one of the oldest activist investors in Europe, and remains an adviser to the firm.
GAM shareholders rejected the bid from Liontrust as GAM shareholders would own 12.6% of the combined entity, despite contributing about 40% of the assets under management. GAM's board has indicated that it will step down as a result of the failed deal.
The activist group has argued that GAM should remain listed, reorganize with a focus on profitability and cater toward ultra-wealth private clients rather than merge with another asset manager.
NewGAMe has put forward several board candidates including Antoine Spillman, CEO at Bruellan, a part of the activist investor group. Fabien Pictet, founder of Fabien Pictet & Partners is also on the l...................... To view our full article Click here
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