GAM chief executive Alexander Friedman steps down

Board member David Jacob has been appointed interim CEO, subject to regulatory approval, whilst a search for a new chief is conducted. In a statement, the firm said both parties agreed the company's future "evolution" would be best delivered by new leadership. It was reported in early August the chief executive was facing shareholder pressure to step down following a series of crises at the firm since he took over in 2014. During his tenure, the group has overseen a profits warning caused by an unsuccessful acquisition, a faltering share price and, most recently, from the suspensio...