GAM Holding AG, the Swiss asset manager formerly owned by UBS Group AG and Julius Baer Group Ltd., named Larry Hatheway as chief economist.
Hatheway joins the Zurich-based firm from UBS, where he was chief economist and previously served as head of macro strategy. He has also worked at the Federal Reserve and Citigroup Inc.
“Larry is an exceptional investment professional who is one of both the top economists and asset allocators in the industry,” Alexander Friedman, chief executive officer of GAM, said in a statement.
In joining GAM, Hatheway becomes the latest economist to swap banking for money management. Dominic Wilson this year left his role as chief markets economist at Goldman Sachs Group Inc. for hedge fund MKP Capital Management LLC, while Joachim Fels moved from Morgan Stanley to Pacific Investment Management Co.
Jacques Cailloux is swapping Nomura Holdings Plc for the hedge fund being built by Chris Rokos, a former top trader at Brevan Howard Asset Management.
Hatheway’s appointment comes less than a month after GAM reported a drop in first-half profit and said it will cut about 165 jobs.