Swiss asset manager GAM Investments has announced plans to open an office in Sydney, Australia. The new office is the fourteenth in the firm’s network.

The company appointed Alex Zaika as the new managing director for Australia. Zaika will join the firm from BlackRock on 23 July 2018.

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Based in Sydney, Zaika will be responsible for building a team of dedicated professionals for the Australian market. He will also focus on improving GAM’s local support infrastructure and servicing capabilities to develop relationships with clients in Australia.

In the new role, he will report to managing director and head of Asia  Rossen Djounov.

Zaika has an experience of more than two decades in the Australian financial services sector.

He previously also held management roles at Barclays Capital and Macquarie Bank in the institutional and retail segments.

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“The strengthening of our distribution team in Australia underlines our commitment to provide the best service to our clients, meeting their needs in the ever-changing market environment. I am very excited to welcome Alex to the team,” Djounov said.

At the same time, the Swiss asset manager also unveiled plans to move out of its 14-year third-party marketing agreement with Sydney-based Shed Enterprises as part of its Australian expansion strategy.

GAM group head of sales and distribution Tim Rainsford said: “Australia is a very important and growing market for GAM, and the decision to expand our presence here is a natural consequence of our desire to be closer to our clients.

“Having a local team will enable GAM to better serve our clients’ needs and further expand our footprint in Australia, where we have already seen significant success marketing our absolute return bond and alternative risk premia strategies.”

GAM managed A$5.2bn ($3.9bn) in assets for Australian institutional and wholesale clients at the end of March 2018.