2023-09-26 16:39:02
Zurich (awp) – Faced with the withdrawal “for family reasons” of its first candidate for the position of general director of GAM, Randel Freeman, the group of Newgame shareholders formed around the French telecoms magnate Xavier Niel is now proposing the candidacy of Elmar Zumbuehl, current head of risk at the troubled Zurich asset manager. The latter should also obtain increased financial support from Rock Investment, up to 100 million Swiss francs, provided that the directors proposed by Newgame are elected.
A Swiss national and member of the general management of GAM, Elmar Zumbuehl has worked within the asset manager since 2010, said Tuesday the consortium of Newgame shareholders made up of the companies Newgame, Bruellan and Rock Investment, which holds 9.6% of GAM. Previously, he held various management positions for ten years at Julius Bär Bank, notably in the bank’s asset management business, which was subsequently outsourced, giving rise to GAM.
Newgame’s previous candidate, Randel Freeman, withdrew due to unforeseen family circumstances, the statement added.
In order to provide GAM with the financial resources necessary to ensure its operations, Newgame announces an additional commitment from Rock Investment. The company, which has already granted up to 20 million Swiss francs to the asset manager to cover its immediate liquidity needs, says it is ready to provide short and long-term financing up to an increased total of 100 million Swiss francs.
This additional support is, however, subject to the sole condition of the election of directors proposed by Newgame at the extraordinary general meeting of GAM shareholders on Wednesday.
After having submitted requests to the regulatory authorities in Switzerland, the United Kingdom, Luxembourg, Ireland and Italy to be authorized to hold between 20 and 30% of the capital of GAM, Newgame also indicates that it now benefits from a letter of “no objection” from the Federal Financial Market Supervisory Authority (Finma). The investor group expects similar reactions from other regulators in the near future.
A little over two weeks ago, the GAM board of directors aligned itself with the conditions offered by Newgame for a partial takeover. The supervisory body notably agreed to resign en bloc to make way for a circle composed solely of candidates proposed by the group made up of Newgame, Bruellan and Rock Investment.
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