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French billionaire Xavier Niel is seeking to replace the board of Swiss asset manager GAM following a deal to be acquired by LionTrust.
Niel is part of a group of investors holding a 9 percent stake in GAM that are requesting an extraordinary meeting of shareholders to elect a new board with plans to turn around the business.
Investors are proposing several industry veterans who could replace the current board, including Fabian Pictet, who is part of a Swiss private banking dynasty.
Pictet is the former Managing Partner of asset managers Fabian Pictet & Partners, which he founded in 1997. He previously held various positions in Pictet Private Banking Group.
