RBR Capital Advisors, a Swiss activist hedge fund taking on Zurich-based asset manager GAM, is gunning for chief executive Alexander Friedman over his strategy of "expensive and misguided acquisitions" and wants to replace him.

RBR, also based near Zurich, owns 2.1% of GAM's shares and is aiming to get its founder and chief investment officer, Rudolf Bohli, and two other candidates elected to the board at the company's AGM on April 27.