ZURICH, April 5 (Reuters) - Swiss asset manager GAM Holding on Wednesday urged shareholders to reject proposals from activist hedge fund investor RBR amid pressure from the group to cut costs and change chief executive.
“The Board of Directors believes its proposed candidates will best serve the interests of all shareholders and unanimously recommends that shareholders vote FOR the proposals put forward by the Board of Directors and AGAINST the proposals made by the Requesting Shareholders,” Zurich-based GAM said in an invitation to its annual general meeting due to take place on April 27.
RBR wants GAM to cut 353 back office jobs to help lower costs by 100 million Swiss francs annually, and has proposed to elect Kasia Robinski as chairwoman, William Raynar as a board member and Rudolf Bohli on its board of directors. It also wants to replace current Chief Executive Alexander Friedman.
The size of RBR’s stake in GAM is closer to 5 percent than 3 percent, RBR founder and Chief Investment Officer Bohli said last week. (Reporting by Joshua Franklin and Brenna Hughes Neghaiwi)