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GAM posts 2.8 bln Sfr Q1 net inflows, urges AGM reject RBR proposals
April 18, 2017 / 5:33 AM / 5 months ago

GAM posts 2.8 bln Sfr Q1 net inflows, urges AGM reject RBR proposals

ZURICH, April 18 (Reuters) - GAM Holding on Tuesday posted net inflows of 2.8 billion Swiss francs ($2.8 billion) for the first three months of 2017, with top management also urging shareholders reject board nominations from activist hedge fund investor RBR Capital Advisors.

“As we start to see our strategy deliver tangible results, I urge all our shareholders to fully support the candidates proposed by the board and vote against those candidates proposed by RBR at our upcoming AGM,” Hugh Scott-Barrett, a member of the board of directors and the proposed chairman, said in a statement. The annual general meeting (AGM) is due to take place on April 27.

RBR, which has said it owns close to 5 percent of GAM shares, is publicly campaigning for GAM to cut costs by 100 million francs, appoint three new board members and a new chairwoman, and replace Chief Executive Alexander Friedman.

Group assets under management rose 5 percent in the three months to end-March to 126.9 billion francs, Zurich-based GAM said.

$1 = 1.0039 Swiss francs Reporting by Joshua Franklin, editing by John Revill

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