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.

He joined GAM in 2010 and previously worked at Julius Baer for 10 years in a range of senior roles.

Antoine Spillmann, chairman of GAM, said: “The appointment reinforces the corporate stability that is assured by the CHF100 million funding commitment of our anchor shareholder Rock Investment SAS.

“Elmar has the right blend of experience and operational expertise, as well as an in-depth knowledge of GAM to lead the firm. Under his leadership we look to build on GAM’s heritage and strong investment performance to return GAM to a path of success and growth that will create long term value for our clients, employees and other stakeholders.”

In May British fund manager Liontrust agreed to acquire GAM to create a global asset manager with £53bn in AUM. But in August GAM shareholders rejected the offer from Liontrust.

Mr Spillmann said: “We are now in a very good position to start a new chapter at GAM and support the portfolio managers and other colleagues in continuing to deliver the best possible investment performance and exemplary client service.”

GAM is an independent investment manager listed in Switzerland with total AUM of CHF68bn (£61bn) as at 30 June. It has offices in 14 countries with 3,500 clients globally, of which around 2,700 are based in Europe.