Beleaguered Swiss asset manager GAM, in a strategic step, has expanded its Nordic footprint by setting up an office in Copenhagen.
Through the Copenhagen location, the firm will offer institutional and intermediary clients its investment management capabilities.
Gianluca Cerami, client director of Northern Europe, will lead the new office.
Cerami noted: “The Nordic countries are highly developed markets with a demand for sophisticated investment solutions.
“Our office in Copenhagen will allow us to further strengthen our presence and tailor our offering to local institutional and intermediary investor needs.”
The firm already has an established customer base in the Nordics and the launch of GAM (Luxembourg) S.A. – Denmark Branch underscores this significance, it said.
Commenting on the expansion, GAM CEO Peter Sanderson said: “It demonstrates our commitment to local clients and our ambition to grow.
“We believe that our actively managed, differentiated investment strategies and our commitment to sustainable investing is a powerful combination to help our clients meet their investment requirements.”
GAM’s troubles began following an internal probe that revealed breaches in the risk management and record keeping processes of star fund manager Tim Haywood.
Haywood was eventually dismissed while the absolute return bond fund (ABRF) range managed by him was liquidated.
Last year, GAM stepped up its cost cutting efforts after recording outflows amid the Covid-19 pandemic.
In April 2020, the firm unveiled plans to make at least CHF65m ($73.2m) in cost cuts by the end of last year.
The firm also said that it is aiming for a reduction in its headcount to 680 full-time-equivalent (FTE) by 2020-end from 817 in the previous year.
At the end of June 2020, the firm had 747 FTEs across 14 countries and investment centres in London, Cambridge, Zurich, Hong Kong, New York, Milan and Lugano.