The Swiss asset manager's long-standing distribution chief is exiting, finews.com has learned.
Daniel Durrer is leaving Zurich-based GAM, two sources familiar with the matter told finews.com on Thursday. The Swiss executive is a 19-year veteran of the Swiss asset manager, where he oversees distribution for a large part of Europe as well as the Middle East and Africa.
A spokeswoman for GAM confirmed Durrer's departure at the end of last year. «He leaves with our good wishes and thanks for his great contribution over many years. We will be announcing his successor in due course,» she said. Durrer didn't comment.
Stanching Outflows
Durrer has spent much of his time since 2018 attempting to stanch outflows in GAM's main investment arm. These stood at 1.2 billion Swiss francs ($1.3 billion) in the third quarter. The asset manager is struggling to retrench from its entanglement with Greensill.
CEO Peter Sanderson has ordered dramatic spending cuts, folded a systematic trading acquisition from 2016 into its business and shutting a Lugano office. He is also hiring, including, most recently, from Edmond de Rothschild's fund arm.
