About

Team size: 30
Major law firms used: Allen & Overy, Clifford Chance, Freshfields Bruckhaus Deringer, Homburger, Macfarlanes

Rachel Wheeler was already regarded as one of Aviva’s leading in-house lawyers before she left for investment management company GAM in September 2018. Wheeler, who was GC for Aviva Investors under group GC Kirsty Cooper, says the move was about proving she could sit at the top of the tree.

She comments: ‘I loved my job at Aviva, but the opportunities for career growth there were a little limited. Kirsty Cooper is an inspiring GC who taught me a lot and was a great boss, but ultimately she is in charge of the legal function. I was approached about the GAM role and a couple of things jumped out at me, one of them being that the buck stops with me.’

GAM is listed in Switzerland and oversees assets worth more than $139bn. GAM has had its challenges this last year following the suspension of the investment director and business head for the unconstrained absolute return bond strategy (ARBF), and the subsequent liquidation of the ARBF funds and mandates leading to a fall in assets under management.

At GAM, Wheeler oversees a team of 30 (down from the 80 she had at Aviva), and in early 2019 introduced a new structure to the team aimed at improving consistency across the global function and unifying the team. There are lawyers in Zurich, New York, Luxembourg, Germany, Hong Kong, London and Cambridge. Wheeler has created centres of excellence that span locations. Reporting lines remain in region, but there will be additional reporting lines to support this structure.

‘The business is very positive about it. They historically had questions about who they should go to, so we’ve given colleagues clear guidelines about how they should interact with the function.’

Wheeler is looking to formalise panel arrangements this year and says she and new head of compliance, David Kemp, are working closely together to transform the control environment in GAM. ‘With two new people starting in those areas together at the same time, it gives us a great opportunity to look at things with a fresh pair of eyes. The sleeves are well and truly rolled up.’