GAM will cut a number of jobs, the group’s interim CEO David Jacob has said in a note addressed to the staff and seen by Citywire Switzerland. A spokesperson for the company confirmed the news.
The note reads: ‘By consolidating some teams, we will be better able to deliver scalable products to our clients worldwide.
‘This will mean that a number of current investment roles will become redundant. People who may be affected by this decision have been informed and the dialogue with them is continuing.’
This comes as part of GAM’s decision to consolidate its fixed income and equities teams. The Zurich fixed income team will be merged with its counterparts in London and New York.
According to the note, this will allow GAM ‘to focus on four areas: an enhanced emerging market bond platform; a broadened global credit capability; an amalgamated ABS and MBS team; and finally we are evolving our existing total return bond expertise into a global strategic bond offering.’
In the meantime, the firm also will merge the European equity teams into one.
Jacob said: ‘I am fully aware that this is difficult for the organisation, and particularly so for colleagues who are directly impacted by these changes, but we have to ensure that we have an efficient business with a clear and compelling investment proposition for our clients.’
The number of jobs that will be cut has not been disclosed.