Long-suffering Swiss asset manager GAM is examining all options to put myriad crises behind it. Even a sale is not ruled out, according to a report.
Swiss asset management company GAM is intensifying talks about a possible sale after issuing a profit warning a few months ago. According to a report by «Sky News», the SIX-listed company is exploring all strategic options and working with UBS investment bankers.
The process is said to be in the preliminary stages, so a resolution is unlikely to be imminent, the British news channel's report Friday.
Failure to Break Free
There had been takeover rumors surrounding the Zurich-domiciled fund house in recent years. After a star fund manager was suspended in 2018 for serious misconduct, the company remained troubled and remains embroiled in the collapse of Greensill Capital, the supply chain finance group.
In the third quarter of 2022, GAM suffered further outflows of client funds. At the end of September, the asset manager had 75 billion Swiss francs in assets under management, and GAM shares have lost about 40 percent of their value since the beginning of the year.
Sold in 1999
GAM was founded in 1983, acquired by UBS in 1999, and sold to Julius Baer in 2005. In 2009, it was floated on the Swiss stock exchange together with Baer's former asset management business.
