GAM Holding AG appoints new Group Chief Executive Officer

GAM Holding AG / GAM Holding AG appoints new Group Chief Executive Officer . Processed and transmitted by NASDAQ OMX Corporate Solutions. The issuer is solely responsible for the content of this announcement.

Zurich, 2 September 2014

• Having overseen the successful business transformation of GAM Holding AG over the last decade, David M. Solo to step down as Group CEO at his own request
• Board of Directors appoints Alexander S. Friedman as Group CEO effective 8 September 2014
• Strategic focus on accelerating growth through enhanced market penetration, financial targets unchanged

GAM Holding AG today announced that David M. Solo has decided to step down from his current role as Group Chief Executive Officer and from the Group Management Board effective 8 September 2014. The Board of Directors is very pleased to announce the appointment of Alexander S. Friedman as his successor.

Solo joined the Group via GAM as CEO in 2004, then became CEO of the enlarged Asset Management division of Julius Baer in 2006. Following the separation from Julius Baer he continued as CEO of the operating entities GAM and Swiss & Global Asset Management, and finally - after moving from a pure financial holding model to an integrated structure - he assumed the role as Group CEO of GAM Holding AG in April 2013. While Friedman will take over seamlessly on 8 September 2014, Solo will assist him and the Board of Directors over the coming months to ensure a smooth transition, before pursuing new challenges. The leadership changes announced today are subject to the customary approvals by the Swiss Financial Market Supervisory Authority FINMA.

The Group's overarching objective remains to grow profitability in a sustainable fashion, consistent with the strategy as communicated at the presentation of its half-year results 2014. Supported by its broad set of investment and distribution capabilities, the Group will now concentrate on promoting them more actively through enhanced sales and marketing activities to become top of mind with leading asset allocators globally. Additionally, Friedman will further develop the Group's multi-asset solutions, which are increasingly relevant in the global institutional space. These efforts are focussed on accelerating growth in its investment management business where, over the medium term, the Group intends to achieve an annualised net new money growth rate of 5 to 10% of assets under management. At the same time, the Group remains committed to constantly improve efficiency and operating leverage, expressed by a targeted cost/income ratio of 60 to 65%.