NewGAMe puts forward candidate to replace Peter Sanderson as GAM CEO
Proposed GAM CEO Randy Freeman
NewGAMe, which controls approximately 9.6% of the issued share capital of GAM, led the charge against Liontrust, arguing the firm had undervalued GAM in its offer.
GAM given 30 days to repay Liontrust loan
Following the news that only 33.5% of GAM shareholders had voted in favour of the Liontrust bid, GAM's board said it would be standing down, including CEO Peter Sanderson.
The NewGAMe candidate to replace Sanderson has been revealed as Randel ‘Randy' Freeman, who recently served a member of the investment committee of Luxembourg-domiciled SICAV-RAIF Sterling Strategic Value.
Despite putting forward a raft of candidates intended to replace GAM's board before the bid failed, Freeman's name was not revealed due to his position in the financial industry, with the group only planning to release it if the offer was not accepted.
Freeman has established three asset management businesses throughout his career, including Centaurus Capital, one of the first hedge funds in Europe.
He has also worked as co-head of risk arbitrage at BNP Paribas and CIO of Fortress Centaurus Strategies, and is currently managing partner for Ex-Ante Partnership.
Freeman is expected to be named as GAM CEO shortly after the firm's extraordinary general meeting on 27 September, subject to regulatory approval.
Questions raised over 'management credibility' as Liontrust fails to buy GAM
Antoine Spillmann, CEO and partner at Bruellan and NewGAMe's proposed candidate for chair of GAM's board, said: «We are delighted Randy Freeman has agreed to be our candidate for CEO of GAM. He is an outstanding investor with significant management, client and marketing experience.
»His deep understanding of the core fund management
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