Rebel investors call for board shake up at GAM

French billionaire Xavier Niel is calling for the board of Swiss asset manager GAM to be replaced following its deal to be acquired by Liontrust.

Niel is part of a group of investors with a 9 per cent stake in GAM who are requesting an extraordinary meeting of shareholders to elect a new board with a plan to turnround the business.

The investors are proposing a number of industry veterans who could replace the existing board, including Fabien Pictet, part of the Swiss private banking dynasty.

Pictet is a former managing partner of asset manager Fabien Pictet and Partners, which he founded in 1997. He previously held various positions within the Pictet private banking group.