It is understood that Puntillo’s exit comes amid plans for the emerging markets team to be centralised in London under the stewardship of Paul McNamara.
Also leaving the fixed income team are Michal Novak and Peter Schütz, who cover interest rates. Laurence Kubli and Matthias Wildhaber will also exit as a result of the ABS and MBS teams being merged into one unit.
It is understood that the fixed income teams will be redefined to focus on four areas – emerging markets, global credit, structured credit (ABS/MBS) and global strategic bonds, which will encapsulate the company’s total return efforts.
Additionally, GAM is currently seeking regulatory approval to consolidate its European equity operations. This will become one combined unit under the leadership of Niall Gallagher.
As a result of the consolidation, the following managers will depart: Hans Ulrich Jost, Scilla Huang Sun, Andrea Gerst, Oliver Maslowski, Andy Kastner, Carlo Capaul, Stefan Fröhlich and Philippe Hungerbühler.
Plans for cuts were first attributed to interim CEO David Jacob last month. This week, Bloomberg reported a total of 18 managers would leave the group as it seeks to consolidate its Zurich- and London-based operations.