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.

The battle for struggling Swiss fund manager GAM took unexpected turn today after investor group NewGAMe and Bruellan made a partial counter offer to Liontrust’s bid, valuing the company higher than the original offer.

Senior portfolio managers at Swiss asset manager GAM Investments have said they support proposed takeover by British Liontrust Asset Management, which is planned to be completer later in the year.

Swiss entrepreneur Marco Garzetti has reignited the battle for struggling Swiss fund manager GAM by saying he would do “whatever it takes” to keep the Swiss fund management group independent.