Swiss Asset manager GAM Holding AG has appointed former UBS wealth management head Alexander Friedman as group chief executive to replace David Solo, who is stepping down after ten years with the firm.

Swiss Asset manager GAM Holding AG has appointed former UBS wealth management head Alexander Friedman as group chief executive to replace David Solo, who is stepping down after ten years with the firm.

Friedman will succeed Solo as group chief executive officer on 8 September, GAM said in a statement.

Before joining GAM Friedman was global chief investment officer of UBS Wealth Management and Wealth Management Americas, as chairman of the UBS global investment committee and as a group managing director. While there he oversaw the investment policy and strategy for approximately $2 trillion in assets.

Prior to this Friedman was the chief financial officer of the Bill and Melinda Gates Foundation and also a senior advisor to Lazard, the financial advisory and asset management firm.

Solo joined the group as GAM CEO in 2004 and then became CEO of the enlarged asset management division of Julius Baer in 2006.

Following the separation from Julius Baer he continued as CEO of the operating entities GAM and Swiss & Global Asset Management, and became group CEO of GAM Holding AG in April 2013.

“With the fundamental restructuring of the company now completed under David’s tenure, the next step in realising our strategy will focus on increasing our recognition and market penetration in order to achieve the scale commensurate with the Group’s potential,” said GAM chairman Johannes de Gier.

In its half-yearly statement released last month, GAM Holdings reported a fall in pre-tax profit of 10 per cent to SFr113.1 million ($124.3 million) from a year ago, while assets under management rose 4.5 per cent from the end of last year to SFr119.6 billion.