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GAM shareholders reject board proposals by activist fund RBR
April 27, 2017 / 9:39 AM / 8 months ago

GAM shareholders reject board proposals by activist fund RBR

ZURICH, April 27 (Reuters) - Shareholders in GAM Holding on Thursday rejected proposals by activist hedge fund investor RBR Capital Advisors to shake up the Swiss money manager’s board of directors.

In votes at GAM’s annual general meeting, shareholders rejected RBR’s three board proposals, which were part of a broader effort to cut costs at GAM and replace Chief Executive Alexander Friedman.

RBR, which has said it owns close to 5 percent of GAM shares, had said it would scrap its attempt to revamp the company if it did not get enough shareholder backing at the AGM. (Reporting by Joshua Franklin; Editing by Michael Shields)

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