ZURICH, April 10 Activist investor RBR Capital
Advisors on Monday accused Swiss asset manager GAM Holding
of not taking its cost-cutting and board proposals
seriously enough .
RBR, which says it owns close to 5 percent of GAM shares, is
publicly campaigning for GAM to cut costs by 100 million Swiss
francs ($99.1 million), appoint three new board members and a
new chairwoman, and replace Chief Executive Alexander Friedman.
"GAM's board of directors has not yet responded to RBR, even
to indicate whether the reports have been discussed and
reviewed," the Swiss hedge fund said in an open letter to
"Furthermore, the current GAM Board has not interviewed any
of the proposed RBR candidates. We are disappointed that the GAM
board has seemingly not taken our suggestions and work more
seriously or even bothered to interview our highly qualified
In an invitation to the company's annual general meeting on
April 27, Zurich-based GAM last week urged shareholders to
reject RBR's proposals.
Friedman also said last week the cost-cutting proposals from
could endanger the Swiss asset manager's future.
RBR said on March 30 it will scrap its plans if it does not
get enough shareholder backing.
A spokeswoman for GAM did not immediately respond to a
request for comment.
($1 = 1.0091 Swiss francs)
(Reporting by Joshua Franklin)