The chief executive of besieged investment manager GAM has said plans to sell the business are off the table.

Peter Sanderson told German newspaper Finanz und Wirtschaft that the firm had in 2019 looked at various options for its disposal but had decided a programme of cost cutting and “stabilisation” was the best way to add value for clients and shareholders.

The firm has suffered significant outflows following a misconduct saga surrounding its Absolute Return Bond strategy and its manager Tim Haywood, who was suspended in ...