Swiss & Global's Angele exits in management overhaul

Stefan Angele, head of investments at Swiss & Global, has left the firm, a spokesperson confirmed to Citywire Global on Wednesday.

His departure follows announcements last month by Swiss & Global’s mother company GAM Holding that it was carrying out changes to its organisation model, combining the management responsabilities for its operating companies GAM and Swiss & Global at group level.

Angele will not be replaced in his role as investment chief for fixed income, equities, multi-asset and commodities, the spokesperson confirmed. The heads of the respective units will now report directly to David Solo, who was recently made group CEO.

'The idea is that we have the same structures at both GAM and Swiss & Global. We've never had the position of CIO and the idea from Mr Solo is to make fund managers as independent in their ideas as possible,' the spokeperson said.

Other members of the board, Johannes A. de Gier, Dieter Enkelmann and Hugh Scott-Barrett, have agreed to stand for re-election in April 2013.

Angele joined Julius Baer in 2006 and was made head of investments three years later. It is yet to emerge what group he is intending to join following his departure.

Further details of GAM Holding's reorganisation plans are set to be announced on 5th March at the group's annual meeting.