Swiss asset manager GAM Holding AG is enlarging its presence in the US by opening a second office in the country, in the financial district of Miami.
The move was driven by demand from US offshore clients, mostly in Latin America, according to a spokesperson. Alejandro Moreno, already at GAM, will relocate and lead the Miami operation.
The Zurich-based firm, which has suffered years of declining assets, is seeking to rebuild under an investor group led by French billionaire Xavier Niel. GAM this year transferred its third-party fund management services business to Carne Group in a bid to reduce complexity, and plans to add new investment product areas as well as build the wealth management offering.
GAM also named a new head for the Iberia distribution team to replace Juan Ramon Caridad, who formerly oversaw the Iberia and Latin America business and exited the firm earlier this year.
GAM’s head of the Middle East, Philip Rosenberg, is leaving the company, adding to a string of senior executive departures. Rossen Djouno, global head of client solutions, will take responsibility for customers in the region, the spokesman said.
Rosenberg confirmed his departure in comments to Bloomberg.
Elsewhere, Wells Fargo Advisors adds a $400 million Morgan Stanley veteran in Naples as an ex-Cetera advisor goes independent with LPL
According to a federal charges Bradley Heppner, 60, received more than $150 million in payments through funneling money from GWG Holdings to a shell company.
A $1B fund allegedly skimmed 30% off the top, then swapped cash for locked-up stock.
Insiders allegedly rewrote projections three times in four days.
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