GAM’s head of investments to quit Swiss asset manager

Matthew Beesley was once regarded as contender for top job

GAM’s head of investments is to leave the Swiss asset manager, capping a year of board changes as the group moves on from a crisis involving its bond funds and a star fund manager.

Matthew Beesley, who joined the Zurich-headquartered company more than two years ago and was regarded as a contender for the top job, will depart at an unspecified date, the $136.1bn financial-services group said on Friday.

Alexander Friedman, GAM’s former chief executive, left a year ago following upheaval in the group’s absolute return bond fund range.

A big name hire by Mr Friedman, Mr Beesley joined GAM from Henderson Global Investors as head of equities in March 2017 before a swift promotion to head of investments and a place on the group’s management board.

In July GAM announced it had hired former BlackRock executive Peter Sanderson as chief executive.

Mr Beesley, who will remain at GAM for a transition period of several months, does not manage money and the role of group head of investments will not be replaced, GAM said, adding that the team had been restructured.

His business management duties will be split between the heads of other managers on the investment side as well as Steve Rafferty, GAM’s recently appointed chief operating officer who also joined from BlackRock.