Silchester International Investors, a fund manager that owns 19% of GAM's voting rights, has said it is backing the company's management in their boardroom tussle with an activist investor.

The fund manager's stance was set out in a shareholder notice from GAM, published late on April 13. This was confirmed by Silchester, which said its "current intention is to vote in favour of GAM's recommendations with respect to board composition, e.g. the chairman and directors" at GAM's general meeting on April 27.