Asset manager GAM is set to cut 18 leading investment manager positions, according to news agency AWP.
When approached by our sister title Citywire Selector, a spokesperson for GAM could not comment on the new numbers. The only official statement came in the form of a memo released on 20 November.
According to the news report, which cites a person familiar with the matter, 14 redundancies will take place in Zurich, while four will affect employees in London.
AWP reported that a GAM spokesperson had confirmed the restructuring of the investment team, which is set to affect the equity and fixed income spaces.
In last month's memo, GAM interim chief executive David Jacob, who replaced Alexander Friedman at the start of the month, unveiled plans to consolidate and restructure its equity and bonds teams. According to reports, the move would see headcount in the firm's investment team fall by 10%.
'By consolidating some teams we will be better able to deliver scalable products to our clients worldwide. This will mean that a number of current investment roles will become redundant,' the memo read.
GAM has had a tumultuous year, with its problem triggered by the suspension of absolute return boss Tim Haywood in July.