The Swiss-headquartered asset manager confirmed the board departure of a former UBS Wealth Management executive.

Tanja Weiher is stepping down from the board of directors of GAM to take an executive role in the Swiss financial services industry.

Weiher served as chief financial officer of UBS's wealth management and retail banking division from 2009 to 2011. She joined the board in 2013 and has served as a member of the company's audit committee and its governance and nomination committee. Details of her new role were not given.

“I have a great appreciation for Tanja Weiher’s contribution to the board and her impact on our company’s evolution over the past three years,” said Johannes de Gier, chairman of the board of directors.

“Whilst we are pleased for Tanja that she has been offered this new opportunity, our sincere regret that she has been required to step down and will no longer be able to work with us.”

GAM said it would nominate a new candidate for election to the board at its annual general meeting on 27 April.