In April 2023, a Zug-based private equity boutique Quaestor Coach handed out a loan to GMG Asset Management. However, the plans announced at the time to participate in the industry’s consolidation and create a leading wealth and asset management platform in Switzerland did not materialize—at least not under the GMG umbrella.

In the meantime, GMG has suspended its operations and relinquished its Finma license, as reported by «citywire.ch.» Additionally, the company has been renamed Polax Investments. Back in 2020, GMG employed around 15 staff members and managed client assets totaling 60 million francs.

Buying and Merging

Quaestor Coach is backed by eleven European institutional investors, according to the report. In recent years, the company has acquired several asset management firms. In Switzerland, it initially acquired Zurich-based wealth manager Diem Client Partner (DCP). A few months later, it also acquired Investarit and integrated it into DCP.

According to Quaestor Coach, GMG failed to perform as agreed and the loan was converted, a spokeswoman said. QC has taken over GMG's portfolio. GMG's head of portfolio management, Marc Currat, moved to DCP in April and took over as head of the Geneva office in the summer. He had previously led the transfer of a “significant portfolio to DCP”, as was reported at the time.

In June, former J.P. Morgan executive Cindy Eicher assumed the CEO role at DCP.

(The information on employees and AuM has been corrected.)