GAM Investments has announced plans to open an office in Sydney, the first in Australia, in a bid to reach a new market overseas.
It hired former Blackrock manager Alex Zaika to help it attract new clients. The Swiss company has a total of 14 branches spread across the globe, it said in a statement.
“The strengthening of our distribution team in Australia underlines our commitment to provide the best service to our clients, meeting their needs in the ever-changing market environment,” said Rossen Djounov, managing director, head of Asia, based in Hong Kong.
At the same time, the Swiss asset manager also unveiled plans to move out of its 14-year third-party marketing agreement with Sydney-based Shed Enterprises as part of its Australian expansion strategy.
“Australia is a very important and growing market for GAM, and the decision to expand our presence here is a natural consequence of our desire to be closer to our clients,” Tim Rainsford, GAM group head of sales and distribution, said.
In Australia, the Swiss company currently manages about $3.9 billion in assets for institutional and wholesale clients. In total, GAM has about $162bn in assets under management, as of the end of March 2018.