ZURICH, April 18 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
($1 = 1.0039 Swiss francs)
(Reporting by Joshua Franklin, editing by John Revill)