GAM sales chief Rainsford exits in management revamp

ZURICH (Reuters) - GAM Investments' head of sales and distribution, Tim Rainsford, is leaving the Swiss asset management group amid a management revamp, GAM said on Monday.

Former BlackRock executive Jeremy Roberts will become global head of distribution, reporting to Chief Executive Peter Sanderson, as of Sept. 1. Roberts was co-head of EMEA retail sales and head of the UK retail business at BlackRock.

GAM will also create a new role of global head of institutional solutions.

Rainsford, who was appointed group head of sales and distribution and became a member of GAM Holding's management board in 2017, is leaving GAM "to take up a new opportunity", it said without elaborating.

GAM Holding <GAMH.S> said last month it expects to report an IFRS net loss for the first half of 2020 of about 400 million Swiss francs ($425 million) as it writes down the value of decades-old goodwill.

(Reporting by Michael Shields; Editing by Toby Chopra)