A statement by the GAM CEO indicates the London headquartered asset manager will take over the troubled institution.
It has to be characterized as somewhat unusual when the CEO of a very freshly acquired institution directly announces to their clients that they would like to personally thank them for their continued loyalty and patience during an extended strategic review.
But it is somewhat more understandable when the CEO in question is that of the troubled Swiss asset manager GAM.
On Thursday, Peter Sanderson did just that at the same time that he confirmed that his institution has reached an agreement to sell all of GAM's business to Liontrust, a specialist fund management company based in London.
As part of the deal, it also reached an agreement in principle to transfer its third-party fund management services, based in Luxembourg and Switzerland, to another provider.
Home for Actives
Liontrust, however, will become the new and «attractive» home for GAM's active fund managers, Sanderson indicated. The investment and distribution teams will be retained by the acquirer to ensure a smooth transition for clients.
When it comes to Asia, it appears that Liontrust has committed to maintaining GAM's international client base, although the business will be rebranded as soon as possible after the acquisition closes, with the intent to have GAM business operating under the Liontrust brand.
