Embattled asset manager GAM shakes up almost half of its board after sacking star fund manager

Embattled asset manager GAM has appointed three new directors as part of a board shake-up.

The firm proposed that three women – former Syz Asset Management boss Katia Choudray, ex-Janus Henderson general counsel Jacqui Irvine and former AIG vice president Monika Machon – be elected to the board next month.

Read more: Embattled fund manager Gam's shares plummet on huge full year loss

Three current board members, Diego du Monceau, Ezra Field and Monica Machler have decided to step down.

The embattled fund manager saw a huge outflow of assets last year following the suspension of star fund manager Tim Haywood, who looked after absolute return bond funds, after a review found risk management and record-keeping issues.

Haywood was sacked in February for "gross misconduct" the company said.

Chief executive Alex Friedman then stepped down after Gam revealed an $18bn (£13.8bn) slump in the value of its assets.

Friedman had faced criticism from investors over his handling of the misconduct investigation and board member David Jacob stepped up to chief executive on an interim basis in November last year.

The firm’s shares have plunged 80 per cent from highs of SFr18 (£13.6p) early last year to just SFr3.47.

Read more: Gam loses a fifth of assets as it prepares profitability measures

The company said the new trio had a “strong professional background” in the asset management industry.

Chairman Hugh Scott-Barrett, said: “We very much look forward to welcoming Katia, Jacqui and Monika, who I am convinced, will be great additions to our board thanks to their strong industry experience and diverse backgrounds.”