GAM group head of investments Matthew Beesley has decided to step down.
Announcing the decision in a statement, the Swiss asset manager said the role will be retired while the duties of Beesley will be split among the respective heads of the two investment groups- Systematic and Solutions as well as Discretionary.
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GAM Group COO Steve Rafferty will take on Beesley’s responsibilities for front office controls and trading.
However, Beesley’s exit will not affect the investment management of the company’s funds as he was not involved in client money management.
He will remain at the company in the coming months to support the transition process.
In 2017, Beesley joined the business from Henderson Global Investors. Last year, he was promoted to GAM Holding’s group management board.
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By GlobalDataHeadquartered in Zurich, GAM offers active investment solutions to institutions, financial intermediaries and private investors.
The group is currently going through a rough patch after an internal probe found breaches in certain processes of star fund manager Tim Haywood.
As of 30 September 2019, the group had AuM of around CHF135.7bn ($136.1bn). The figure dropped marginally from CHF136.1bn at the end of June 2019.
AuM at the group’s investment management unit amounted to CHF51.1bn recording a 2% fall from the June 2019 figure.
Recently, the Swiss asset manager hired former BlackRock executive Steve Rafferty as its new COO.
Earlier this year, GAM appointed Peter Sanderson as its new CEO.
