Yahoo Finance Liontrust raids GAM staff after failed takeover bid
Liontrust has poached a team of global equity investors and distribution head from Swiss asset manager GAM, months after it failed to take over the company.
In May last year, Liontrust announced it would be attempting to take over the firm, but failed in August after only 33.5 per cent of shareholders voted in favour of the deal.
Since then, GAM has been bleeding talent, with David Dowsett, its former global head of investments resigning and manager duo Adrian Gosden and Chris Morrison leaving for Jupiter.
To add insult to injury, GAM head of global equity Mark Hawtin has now been hired by Liontrust itself to begin in May.
The manager will also bring his investment team, with David Goodman, Kevin Kruczynski and Pieran Maru all set to join alongside him.
Hawtin has worked at GAM since 2008, managing the firm’s Star Technology and Star Alpha Technology funds. He will join Liontrust from May.
Additionally, Liontrust has hired former GAM employee Jeremy Roberts, who previously worked at BlackRock for 12 years, as head of global distribution (ex UK) from April.
Roberts resigned from GAM in October amid a reshuffle of the firm which came after Liontrust’s takeover bid failed.
In response to Hawtin’s departure, GAM has hired Paul Markham, who has worked at Newton Investment Management since he entered the industry 25 years’ ago.
With Markham set to join next month, GAM said Hawtin would be working with him until May to “ensure a smooth handover”.
Elmar Zumbuehl, the firm’s new CEO appointed after the restructuring, said he was “delighted” to welcome Markham and that his “experience and track record will help us grow our global equity franchise”.
