Just over a month after its shareholders rejected a takeover bid from British fund manager Liontrust, the newly-elected board at Swiss-based asset manager GAM has appointed global chief risk officer Elmar Zumbuehlas as chief executive.

GAM shareholders have rejected an offer for the company from Liontrust Asset Management.

The battle for struggling Swiss fund manager GAM took unexpected turn today after investor group NewGAMe and Bruellan made a partial counter offer to Liontrust’s bid, valuing the company higher than the original offer.

Liontrust shareholders have voted in favour of the takeover of Swiss rival GAM to form a £53bn AUM fund manager.