Asset manager GAM is set to cut 18 leading investment manager positions, according to news agency AWP.
When approached by Citywire Switzerland's sister title Citywire Selector, a spokesperson for GAM could not comment on the new numbers. The only official statement came in the form of a memo released on 20 November.
According to the news report, which cites a person familiar with the matter, 14 redundancies will take place in Zurich, while four will affect employees in London.
AWP reported that a GAM spokesperson had confirmed the restructuring of the investment team, which is set to affect the equity and fixed income spaces.