French billionaire Xavier Niel is calling for the board of Swiss asset manager GAM to be replaced following its deal to be acquired by Liontrust.
Niel is part of a group of investors with a 9 per cent stake in GAM who are requesting an extraordinary meeting of shareholders to elect a new board with a plan to turnround the business.
The investors are proposing a number of industry veterans who could replace the existing board, including Fabien Pictet, part of the Swiss private banking dynasty.
Pictet is a former managing partner of asset manager Fabien Pictet and Partners, which he founded in 1997. He previously held various positions within the Pictet private banking group.