GAM Said to Hire Man’s Co-Head of Sales for Distribution RoleBy
Tim Rainsford to join Swiss asset manager in January 2017
GAM is reorganizing, making deals under CEO Alex Friedman
GAM Holding AG, a Swiss asset manager overseeing about $120 billion, hired Tim Rainsford from Man Group Plc as head of distribution, according to a person familiar with the matter.
Rainsford, an Australian who has spent 13 years at Man and was global co-head of sales and marketing, will join GAM in January in London, the person said, asking not to be named as the information isn’t public. A spokesman for Man Group confirmed that Rainsford is leaving the firm, while a spokeswoman for Zurich-based GAM declined to comment.
GAM Chief Executive Officer Alex Friedman has been making acquisitions to diversify the firm’s investment strategies, including the purchase of Cantab Capital Partners LLP last month in a deal which both firms said at the time was motivated in part by Cantab’s interest in GAM’s larger fund distribution network.
Shares in GAM have declined about 35 percent this year, compared with a 28 percent drop by the Bloomberg Banks and Financial Services Index. The company warned in June that profit will probably fall by half in the first six months of the year after performance fees shrank.
The Man Group spokesman said Steven Desmyter was promoted to be head of sales for Europe, the Middle East and Africa following Rainsford’s departure.