Under new ownership and management, the Greater Amman Municipality is undergoing a radical transformation. The newly appointed bosses now urgently need to stem the outflow of asset manager assets, which continued in the third quarter.
On the occasion of the issuance of the interim report for the third quarter, the Swiss funds company is suffering from crises GAM The first steps in the transformation were announced Thursday. After the British asset management company Liontrust withdrew its offer at the end of last August, a coalition of investors led by the French billionaire Xavier Neal He assumed leadership and replaced the board and parts of the management team.
As reported on Thursday, the NewGAMe consortium will control approximately 30 percent of Greater Amman Municipality shares after completing the partial takeover bid. At the same time, the fund company concluded a financing line agreement worth 100 million francs with Allianz, which aims to secure the long-term financial stability of the company. The fund house has recently been threatened by a liquidity bottleneck.
However, the Aceh movement is still losing its essence. Assets under management decreased from 68 billion Swiss francs at the end of last June to 64.9 billion Swiss francs at the end of September. As it turned out, the clients withdrew even more money – 1.7 billion francs flowed from the investment department with their own money. This is despite the fact that about 82% of the assets managed in the Greater Amman Municipality funds have exceeded their benchmark indices in the past three years.
The third-party business, Fund Management Services, which was sold to rival Carney, suffered withdrawals of about 700 million francs.
Newly appointed leadership
The new leadership must work against this trend if the Aceh movement is to survive. The group’s management now consists of the CEO Elmar Zombol, Rusyn Djonov As Global Sales Manager, Martin Jover As Chief Operating Officer (COO) and President of Switzerland, David Kemp As Head of Legal and Compliance and Head of the UK Branch, Richard McNamara as Chief Financial Officer (CFO) and more recently as well Albert Saporta As a global director of investments and products.
She said that the group’s management will focus on continuing to develop the current core strategy of the Greater Amman Municipality and search for new opportunities, including sales partnerships, in wealth management and in the field of specialized investment strategies such as alternative investments.
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