Zurich-headquartered GAM has hired Richard McNamara to succeed its group chief financial officer, Marco Suter.

Switzerland-listed asset manager GAM has appointed Henderson Group's Richard McNamara as its new group chief financial officer.

McNamara, who joins from his position as managing director of finance at Henderson Group, will replace Marco Suter, who is stepping down after more than two years in the role. McNamara will also join the group management board as Suter leaves it.

Suter, who joined GAM five years ago as head of group finance, will continue on with the firm as a senior advisor to support senior management in strategic projects.

“He [Suter] joined shortly after the company’s independent listing and shaped a great number of our management processes and structures – from internal audit to risk and finance. I am very pleased that we will be able to continue to rely on his expertise and experience in the future in his new advisory role,” said GAM's group chief executive, Alexander Friedman.

“Richard will be a great addition to our leadership team and we look forward to working with him. With his in-depth knowledge of the asset management industry and his experience in the implementation of a global M&A strategy, along with his demonstrated strength in running an international finance division, he brings the ideal skillset to help drive the realisation of our growth strategy.”

Earlier this year, the asset manager reported its underlying net profit for 2014 had fallen 16 per cent from the year before.

As of the end of March, GAM managed SFr123.3 billion ($127 billion) of assets, with investment centres in London, Zurich, Hong Kong, New York, Lugano and Milan.