GAM sales chief Rainsford exits in management revamp

FILE PHOTO: The logo of GAM investment management company is seen at its headquarters in Zurich, Switzerland July 29, 2019. REUTERS/Arnd Wiegmann

ZURICH (Reuters) - GAM Investments’ head of sales and distribution, Tim Rainsford, is leaving the Swiss asset management group amid a management revamp, GAM said on Monday.

Former BlackRock executive Jeremy Roberts will become global head of distribution, reporting to Chief Executive Peter Sanderson, as of Sept. 1. Roberts was co-head of EMEA retail sales and head of the UK retail business at BlackRock.

GAM will also create a new role of global head of institutional solutions.

Rainsford, who was appointed group head of sales and distribution and became a member of GAM Holding’s management board in 2017, is leaving GAM “to take up a new opportunity”, it said without elaborating.

GAM Holding GAMH.S said last month it expects to report an IFRS net loss for the first half of 2020 of about 400 million Swiss francs ($425 million) as it writes down the value of decades-old goodwill.

Reporting by Michael Shields; Editing by Toby Chopra