A group comprised of GAM shareholders has called on fellow investors to replace the asset manager’s current board — the latest twist for the Zurich-headquartered firm since Liontrust issued a bid last month to buy the business.

NewGAMe, which controls around 9.2% of GAM shares, has requested an extraordinary general meeting of shareholders within the next six weeks to “revoke GAM's incumbent board and elect a new one with a clear plan to turn around the business”