September 16, 2021

GAM [Cayman Islands reg fund]: Shareholders’ Plan to Replace Chairman

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GAM shareholders clearly are unhappy about the performance of the asset manager: A Zurich-based investor proposes its own candidate for election as chairwoman at the annual general meeting.

GAM’s results haven’t convinced over the past years and the share price dropped by almost half since 2015. One of the asset manager’s shareholders now demands a change on the board of directors. RBR, a Zurich-based hedge fund, proposes three new members for election to the supervisory body, according to a statement by GAM.

Restrictions of Tenure

The hedge fund aims to force Johannes de Gier from his post as chairman, which he has held since 2009. GAM doesn’t have a firm restriction of tenure, but intends to keep the maximum number of years on the board at 12 years. De Gier this year will reach the limit.

RBR owns 2.1 percent of GAM through its RBR Strategic Value Fonds, a fund registered on the Cayman Islands. The fund acts on its own behalf and in the name of two other RBR funds.

Change of Strategy

The fund manager evidently plans to enforce a change of strategy at GAM by way of renewing the board. Robinski is a partner at Hanover Investors in London, which describes itself as a specialist for turnaround cases.

RBR is known as an active investor. The RBR Strategic Value Fonds was founded with the intention to turn around Gategroup, the airline caterer.

GAM to Evaluate

Bohli is the founder of RBR and Raynar the deputy CEO of Bank Hottinger, a bank in liquidation.

GAM will evaluate the proposals and present its recommendations in due course. The board of GAM hasn’t yet publicized any proposals for the AGM.

IMAGE: kasia
RBR wants the AGM on April 27, 2017, to elect Rudolf Bohli, William Raynar and Kasia Robinski (pictured above) as member of the board. Robinski also stands for election as chairwoman.

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