GAM, the crisis-stricken asset manager, has appointed a BlackRock executive to succeed David Jacob at its helm — the latest change at the Zurich-based business, which has experienced a year of turmoil.

Peter Sanderson, who has worked at BlackRock for more than a decade, will take over as chief executive on September 1, GAM said in a statement on July 30. He will assume the role at a crucial time for GAM, which has been embroiled in crisis since the departure of star bond fund manager Tim Haywood a year ago.