Swiss asset manager GAM has hired former BlackRock executive Steve Rafferty as its new COO.

Rafferty reports to group CEO Peter Sanderson in the new role, which he took up on 4 November 2019.

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At BlackRock, Rafferty served as the global COO of the $2 trillion fixed income unit.

Commenting on the appointment, Sanderson said: “Reducing complexity, as well as strengthening our core business and improving profitability, are fundamental to the future of GAM.

“Steve has a demonstrable track record in designing and implementing improvements across a global business and his appointment will further support us in achieving our objectives.”

Also from BlackRock, Peter Sanderson was named the CEO in July this year.

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Troubled times at GAM: Background

The group had a setback in recent times after an internal probe uncovered breaches in the risk management and record keeping processes of star fund manager Tim Haywood.

Haywood was later fired, while the absolute return bond fund (ABRF) range managed by him was liquidated.

The liquidation was aimed at maximising value for the firm’s clients.

However, in July, the firm put to rest its battle with Haywood.

“GAM is focused on the future of the business, and while it stands by its finding of gross misconduct, it has agreed with Tim Haywood that neither party will pursue the other based on current facts,” the firm noted.

As of 30 September 2019, GAM’s assets under management (AuM) totalled CHF135.7bn.