The activist group on the verge of taking over Swiss asset manager GAM has named hedge fund veteran Randel Freeman as its preferred candidate for chief executive.

Freeman, who has previously held asset and wealth management roles at Goldman Sachs and BNP Paribas, co-founded hedge fund group Centaurus Capital in 2000 — one of the first hedge funds in Europe that managed more than $5bn at its peak. He sold the business in 2014 to Fortress Investment Group.