Swiss asset management firm Gam said it had taken the first steps in a ‘turnaround plan’ for the business to return to profitability.
It comes in the wake of a failed takeover of the firm by Liontrust in August.
The £96mn bid was not backed by shareholders and instead it entered into a financing agreement with Rock Investment SAS and NewGame, which lobbied against the deal.
Now, the CHF100mn (£92mn) agreement with Rock has been completed. The term of the loan is until June 2025 with the option to extend by another year.
The company has also made new appointments to its group management board.
This includes Elmar Zumbuehl as chief executive who said: “Our first priority is to focus on investing in our client service and portfolio management teams.
“The continuing strong investment performance and the support from our anchor shareholder Rock means that we can move forward with confidence and with a focus on growth and returning Gam to profitability.”
Albert Saporta has also been appointed to the board as global head of investments and products.
Gam said total assets under management stood at CHF64.9bn (£59.7bn) as of September 30 compared with CHF68bn (£62.5bn) as of June 30.
The firm has “immediate focus” on hiring additional senior sales and distribution team members focusing on continental Europe and the UK as well as appointment new investment managers for the luxury brands and credit opportunities strategies
Anthony Maarek, managing director of NJJ Holding of which Rock is a subsidiary, said: “Gam is an important long-term strategic investment for NJJ, and we are committed with management to restoring the company to a best-in-class global asset management firm.
“We view it as the first step in developing an investment pillar in financial services as part of NJJ’s long term strategy.”
tara.o'connor@ft.com
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