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Report: GAM interim CEO was fired from Merrill Lynch Investment Managers

The two executives fired by Merrill Lynch Investment Managers LP in 2001 for failing to supervise a currency trader who allegedly misallocated profits included David Jacob, now interim CEO of Swiss asset manager GAM Holding AG, the Financial Times reported.

Jacob was head of fixed income for Europe, the Middle East and Africa at Merrill Lynch Investment Managers at the time of his dismissal, according to the Dec. 18 report. GAM Holding knew of his unpleasant departure from Merrill Lynch, a person familiar with the matter told the FT.

Jacob joined GAM in 2017 as a nonexecutive director, and prior to that, he headed fixed income at UBS' London asset management business.

Jacob recently announced job cuts as part of efforts to reduce costs after becoming interim CEO at GAM in October, when Alexander Friedman stepped down following investor redemptions triggered by the suspension of fund manager Tim Haywood.