The interim CEO of the embattled asset management firm is letting a number of senior investment managers go.

GAM Holding, the Zurich-listed wealth management firm that is trying to fight back after losing billions in client assets, has shed some of its senior figures as interim chief executive David Jacob takes control, the firm confirmed to this news service.

Jacob Jacob took over in November after predecessor Alexander Friedman resigned. Investors have pulled billions out of GAM’s Absolute Return Bond fund range after the unit’s manager, Tim Haywood, was suspended earlier this year. The firm launched an investigation in the summer into Haywood's conduct after concerns about his activity were flagged by an internal whistleblower. At the time of Haywood’s suspension in late July, GAM said that it acted because “some of his risk management procedures and his record keeping in certain instances” fell short of requirements. GAM had not found that its clients had been hit by the actions, but it was continuing to probe the matter.

A report said Jacob is axing 18 investment managers, although GAM declined to comment on specific numbers when asked about the matter.

Jacob is acting to help revive fortunes in the firm, which has seen its share price slump this year.

Source: Marketwatch.com

In October, this news service reported that assets under management fell to SFr66.8 billion ($67.1 billion) at the end of September from SFr84.4 billion three months before.