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NewGAMe proposes new GAM CEO candidate after hedge fund veteran Freeman backs out

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Elmar Zumbuehl, GAM’s chief risk officer, has been proposed as the company’s new CEO candidate after Randel Freeman, the hedge fund veteran who had been lined up for the role, backed out due to “unforeseen family circumstances”, according to a report by Financial News.

Freeman’s decision came just hours before an extraordinary general meeting today (27 September), when shareholders of the Swiss asset manager will vote on a new board.

Freeman, who co-founded hedge fund group Centaurus Capital in 2000, was named as the preferred candidate for the job by activist investor group NewGAMe in August, following a failed attempt by UK-based asset manager Liontrust to acquire the Zurich-headquartered firm.

In a statement on 26 September NewGAMe, which is controlled by French telecom billionaire Xavier Niel and his company Rock Investment and owns 9.6% of GAM, said current chief risk officer, Elmar Zumbuehl, would now be put forward as its new preferred choice for the top job.

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