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GAM board to stand down after activist group extends funding lifeline

NewGAMe is set to visit GAM employees in London to discuss its plans for the asset manager

Candidates for GAM’s board include Antoine Spillmann, a former vice-president of the Swiss Association of Asset Managers
Candidates for GAM’s board include Antoine Spillmann, a former vice-president of the Swiss Association of Asset Managers Photo: Alamy Stock Photo

GAM’s board of directors has agreed to stand down, after the Swiss asset manager reached an agreement with an activist group to provide short-term financing.

NewGAMe, which is controlled by French telecom billionaire Xavier Niel and his company Rock Investment, said in a 29 August statement that it will extend short-term financing of CHF20m (£17.9m) to cover GAM’s immediate liquidity needs.

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