Billionaire Niel Faces GAM Minority Shareholder Revolt on Board

GAM Holding AG, the Swiss asset manager backed by Xavier Niel, is facing a challenge from minority shareholders who claim the billionaire is misusing his position to override their rights and reshape the company at will.

A group of shareholders holding about 2.5% of GAM’s voting rights sent a formal complaint to Switzerland’s Takeover Board on April 20 and a lawyer for the regulator acknowledged receipt two days later, according to emails reviewed by Bloomberg News.