ZURICH, March 30 (Reuters) - Activist investor RBR Capital Advisors will scrap its attempt to revamp GAM Holding if does not get enough shareholder backing at the Swiss asset manager’s annual general meeting, the hedge fund said on Thursday.
”If we don’t get the support at the AGM for the plan, I think shareholders will have to live with another plan“,” RBR founder and Chief Investment Officer Rudolf Bohli said in a conference call with investors.
GAM’s AGM is due to take place on April 27. The size of RBR’s stake in GAM is closer to 5 percent than 3 percent, Bohli said.
The Swiss fund wants GAM to cut 353 back office jobs to help lower costs by 100 million Swiss francs ($100.4 million) annually, and has proposed to elect Kasia Robinski as chairwoman, William Raynar as a board member and Bohli on its board of directors. It also wants to replace current Chief Executive Alexander Friedman.
($1 = 0.9961 Swiss francs)
Reporting by Joshua Franklin