GAM, the crisis-stricken Swiss asset manager, faces a potential shareholder revolt next month over how it pays some of its senior executives — prolonging an agonising period for the Zurich-headquartered company, which has haemorrhaged billions of dollars from its funds over the past eight months.

Two of the biggest proxy advisers — Institutional Shareholder Services and Pensions & Investment Research Consultants — have recommended that investors in GAM vote against the asset manager’s remuneration report at its annual general meeting on May 8.