Randel Freeman, the hedge fund veteran that was lined up to take over as chief executive of GAM, has backed out due to “unforeseen family circumstances” — just hours before shareholders in the Swiss asset manager are due to vote on a new board.

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