GAM has seen off an attempt by activist investor RBR Capital Advisors to stage a boardroom coup at its annual general meeting in Zurich today, but shareholders showed their discontent by voting against executive pay at the Swiss asset manager.

The results of the firm's AGM come after a fierce battle with RBR, which owns 3.28% of GAM. The hedge fund has attacked GAM's chief executive Alexander Friedman for "expensive and misguided acquisitions", saying earlier this month that "a new CEO is required".