ZURICH/LONDON, May 24 (Reuters) - Swiss asset manager GAM is poised to name an internal candidate to become its next chief executive, with head of sales Tim Rainsford the favourite to lead the firm as it attempts to rebuild after a scandal that collapsed its share price, according to sources familiar with the matter.
GAM began searching for a new CEO in November after parting ways with then-executive Alexander Friedman amid billions in outflows, a misconduct investigation into a top fund manager and a botched acquisition.
Board member David Jacob has since been leading the firm on an interim basis.
Australian native Rainsford, who joined GAM in 2017, has become a frontrunner in the search as the preferred choice of many of the firm’s fund managers. The top role at the embattled firm is also a hard sell for external candidates, the sources told Reuters.
“The board of directors is looking at internal and external candidates. This search remains ongoing,” a GAM spokesman said, adding that the firm was being led by a successful interim CEO.
Head of Investments Matthew Beesley had also been in the running, one source added.
GAM has faced massive outflows and a collapsing share price after a top money manager was suspended last July for alleged breaches of its rules, prompting it to close several key funds. (Reporting by Oliver Hirt and Simon Jessop; writing by Brenna Hughes Neghaiwi; editing by Michael Shields)