NewGAMe, the activist investment group closing in on a takeover of Swiss asset manager GAM, has named hedge fund veteran Randel Freeman as its preferred candidate for the role of chief executive, according to a report by Financial News.
Freeman, who co-founded European hedge fund group Centaurus Capital in 2000, which managed more than $5bn at its peak before being sold to Fortress Investment Group in 2014, has perviously held asset and wealth management roles at both Goldman Sachs and BNP Paribas.
NewGAMe, which is controlled by French telecoms billionaire Xavier Noel and his company Rock Investments, currently owns a 9.6% stake in GAM, and has been in discussions over acquiring the business since UK asset manager Liontrust’s bid to acquire the Zurich-based firm collapsed last week.
Only 33.45% of GAM shares were tendered in support of Liontrust’s £96m offer – which NewGAMe had consistently criticised, claiming it significantly undervalued the business – falling short of the 66.6% needed for it to proceed. GAM’s board, Including CEO Peter Sanderson, said it would be standing down as a result.
