Swiss asset manager GAM is set to cut some investment jobs by consolidating various businesses.
However, the firm has not revealed details regarding the number of jobs affected by the move. According to media reports, the layoffs will impact 10% of its investment staff.
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Under the strategy, the firm will combine its fixed income teams in New York, London and Zurich. Key focus areas for this integrated team are an emerging market bond platform, asset-backed and mortgage-backed securities, strategic bond proposition, as well as global credit.
At the same time, the firm will consolidate its European equity units into one team. This includes quantitative and discretionary strategies. It will retain its non-European equities operations.
Why GAM staff cuts?
In an internal memo, GAM interim CEO David Jacob said: “By consolidating some teams we will be better able to deliver scalable products to our clients worldwide.
“This will mean that a number of current investment roles will become redundant.”
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By GlobalDataGAM has been recently going through a turbulent period. In August 2018, the firm suspended its investment director Tim Haywood following revelations of breaches in his risk management and record keeping processes.
Soon after, the firm liquidated its unconstrained/absolute return bond funds range, which was run by Haywood. Earlier this month, GAM CEO Alexander Friedman stepped down from his role.
