GAM will ditch its St James’s offices for the City in 2019 becoming neighbours with Rathbones, which continues to take a financial hit as its Mayfair offices remain empty after a similar move.
GAM has been in St James since it was founded in 1983 and currently has staff across three offices in the area.
Those staff will be in one office space when the firm moves into its Finsbury Circus offices, which are in the same building as Rathbones.
Rathbones confirms its Curzon St offices remain empty following its move to the City in February.
Softening demand for prime central London property following Brexit led Rathbones chief executive Philip Howell to confirm in H1 that it anticipated a £15m cost.
A spokesman for Rathbones says the company is “still working hard to let the building”. He says the financial impact reported for H1 was a “reflection of its prudent assumptions”.
Its lease expires in 2023.
GAM will move to its 42,000 square foot City offices in the first quarter of 2019 when its lease expires.
Chief executive Alexander S Friedman says the move improves the efficiency of their London operations.
“I am pleased that we have found a world class building to bring all of our London-based teams together, promoting greater communication and collaboration in a modern working environment,” he says.
In September, Hermes confirmed it was also moving to the City, albeit from Tower Hamlets.