GAM staff are braced for hefty job losses as the Swiss asset manager overhauls its operating model in a bid to cut costs under its new chief executive, according to people familiar with the matter.

Hundreds of roles are at risk at the group, which has $136.1bn under management, as it prepares to amalgamate multiple databases and order management systems on to a single platform.

Peter Sanderson, the former BlackRock executive who joined GAM as its new chief in September, held a recent company town hall that left staff with the impression that hefty cuts were inevitable as the asset manager seeks to streamline its business, according to a person who attended.

“There’s scope for several hundred job losses over the next two to three

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