Swiss asset manager GAM hires bankers to explore sale
Zurich-listed GAM Holding is working with investment bankers at UBS on strategic options including a sale.
The prominent investment management firm GAM Holding is intensifying discussions over a potential sale months after it was forced to issue a profit warning.
Sky News has learnt that GAM, which has assets under management of approximately CHF74.5bn (£66.38bn), is working with bankers at UBS to field interest from prospective bidders.
The process is said to be at a preliminary stage with a deal unlikely to be imminent, according to industry sources.
GAM, which was caught up in the controversy surrounding the collapse of Greensill Capital, the supply chain finance group, also explored a sale four years ago.
A number of parties are understood to have been approached already as part of the latest process.
Shares in GAM are more than 40% lower than this time last year, with the war in Ukraine having hit equity market performance in 2022.
On Friday, the company had a market capitalisation of just CHF129m (£115m).
David Jacob, GAM chairman, said alongside its most recent quarterly results: "Despite the most challenging market backdrop seen in years, it is pleasing to see the continuing strength in our investment performance and the good progress we have made to simplify our business.
"Nevertheless, we are constantly reviewing the progress of the firm, and we are committed to ensuring that our strategy is appropriate and in the interests of all our stakeholders."
A GAM spokesperson declined to comment on Friday.
Sky News has learnt that GAM, which has assets under management of approximately CHF74.5bn (£66.38bn), is working with bankers at UBS to field interest from prospective bidders.
The process is said to be at a preliminary stage with a deal unlikely to be imminent, according to industry sources.
GAM, which was caught up in the controversy surrounding the collapse of Greensill Capital, the supply chain finance group, also explored a sale four years ago.
A number of parties are understood to have been approached already as part of the latest process.
Shares in GAM are more than 40% lower than this time last year, with the war in Ukraine having hit equity market performance in 2022.
On Friday, the company had a market capitalisation of just CHF129m (£115m).
David Jacob, GAM chairman, said alongside its most recent quarterly results: "Despite the most challenging market backdrop seen in years, it is pleasing to see the continuing strength in our investment performance and the good progress we have made to simplify our business.
"Nevertheless, we are constantly reviewing the progress of the firm, and we are committed to ensuring that our strategy is appropriate and in the interests of all our stakeholders."
A GAM spokesperson declined to comment on Friday.
AI Disclaimer: An advanced artificial intelligence (AI) system generated the content of this page on its own. This innovative technology conducts extensive research from a variety of reliable sources, performs rigorous fact-checking and verification, cleans up and balances biased or manipulated content, and presents a minimal factual summary that is just enough yet essential for you to function as an informed and educated citizen. Please keep in mind, however, that this system is an evolving technology, and as a result, the article may contain accidental inaccuracies or errors. We urge you to help us improve our site by reporting any inaccuracies you find using the "Contact Us" link at the bottom of this page. Your helpful feedback helps us improve our system and deliver more precise content. When you find an article of interest here, please look for the full and extensive coverage of this topic in traditional news sources, as they are written by professional journalists that we try to support, not replace. We appreciate your understanding and assistance.
