Asset manager GAM CEO Alexander Friedman has stepped down after holding the role for four years. The move comes after a troubled period for the Swiss firm.

In August GAM suspended its investment director Tim Haywood after an internal probe revealed breaches in his risk management and record keeping processes.

Subsequently, the firm liquidated its unconstrained/absolute return bond funds range managed by Haywood and will return funds to investors.

It is unclear whether Friedman’s departure is related to the issue, but his announcement comes a day after GAM rejected Schroders’ acquisition offer of its Systematic division which manages the Cantab quantitative hedge fund. 

Profits at GAM have suffered after news in July that it is writing-off Cantab Capital, the UK hedge fund manager it bought two years ago.

Board member David Jacob will replace Friedman on an interim basis, while the search for a permanent replacement is carried out.

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Jacob’s appointment is pending regulatory approval. He will retain his seat on the board of directors but will now resign from the audit and compensation committees.

His compensation committee role will be handed over to board member Benjamin Meuli.

Jacob previously had stints at Rogge Global Partners, Henderson Global Investors, UBS Global Asset Management, Merrill Lynch Investment Managers, and JPMorgan Asset Management.