GAM (company)
Company type | Public limited company |
---|---|
SIX: GAM | |
ISIN | CH0102659627 |
Industry | Asset management |
Founded | 1983[1] | (as GAM)
Headquarters | , |
Key people | Elmar Zumbuehl (CEO) |
Products | Investments |
AUM | CHF 19 billion (Q2 2024) |
Number of employees | Around 414 (2024) |
Website | www |
GAM Investments is an independent, pure play asset management group headquartered in Zurich.[2] The Group sells to a wide range of client segments such as institutions, wholesale intermediaries, financial advisers, and private investors.[1] The Group’s investment management business is complemented by a private labelling unit which provides outsourcing for third-party asset managers.
GAM has been independently listed on the SIX Swiss Exchange since October 2009, following the separation of the former Julius Baer Group Julius Baer,[3] and is a component of the Swiss Performance Index (SPI) with the symbol “GAM”. The Group had assets under management of CHF 19 billion, as at 30 June 2024. As of 1 February 2024, Fund Management Services were successfully transferred to the Carne Group. GAM has offices in 14 countries.
History
[edit]GAM was founded as "Global Asset Management" in 1983 by Gilbert de Botton,[4] a pioneer of the "open architecture" asset management model.[5] In 1999, it was acquired by UBS. It remained under the UBS umbrella until Julius Baer acquired GAM and three other private banks from UBS in 2005.[6] GAM acquired Augustus Asset Managers in 2009, and later in the year separated from Julius Baer to form an independent, pure-play asset manager. The spinoff was completed by listing GAM as a separate company in the Swiss SIX exchange.[7]
GAM has since then has acquired several asset managers: Arkos Capital in 2012 and Singleterry Mansley Asset Management in 2014.[6] In September 2014, it appointed Alexander Friedman, the CIO of UBS Wealth Management, as the new group CEO.[8] Later, in 2015, GAM announced the acquisition of the real estate division of Renshaw Bay.[9] In May 2016, GAM entered into an agreement to acquire the investment management business of Taube Hodson Stonex, a London-based global equity investment firm: the acquisition is expected to close in the third quarter 2016, subject to customary regulatory approvals.[10] In June 2016, GAM entered into an agreement to acquire Cantab Capital Partners, an industry-leading multi strategy systematic manager based in Cambridge, UK. This acquisition was closed on 3 October 2016 following regulatory approval.[11] In August 2018, GAM suspended an Investment Director and announced the suspension and liquidation of a range of Absolute Return Bond funds.[12] The Investment Director was dismissed for gross misconduct in February 2019 for not disclosing gifts from Greensill Capital.
In September 2019,[12] GAM appointed Peter Sanderson (born 1978) as Group CEO[13] who joined from BlackRock[14] where he was a managing director holding the positions of Head of Financial Services Consulting in EMEA, since 2012, and a member of BlackRock's EMEA Executive Committee since 2014.[15] Before joining BlackRock in 2006, his engagements included Mondrian Investment Partners and KPMG.[15] He is a member of the Bar of England and Wales[15] and holds a Bachelor of Laws degree from the University of Leicester.[16]
In May 2019, it was announced that Soros Fund Management had built up a 3% stake in the company, which it subsequently sold.[17]
In December 2019, GAM was accused of accounting ‘misstatement’ by the Swiss bourse.[18]
In May 2023, Liontrust Asset Management made a £96m offer to acquire the Swiss asset manager.[19]
Investment strategies
[edit]GAM's core investment strategies focus on fixed income, equity, multi asset & solutions[clarification needed] and systematic[clarification needed], and include environmental, social and governance (ESG) factors.
References
[edit]- ^ a b "About Us". www.gam.com.
- ^ Angaben der GAM Holding AG auf der Website der SIX Swiss Exchange
- ^ Julius Bär, Medienmitteilung, 20 May 2009.
- ^ "Gilbert de Botton, founder and U.K. chairman of Global Asset Management". Pensions & Investments. 29 August 2000. Retrieved 24 May 2019.
- ^ "GAM and LSE announce award in honour of Gilbert de Botton". Archived from the original on 2013-04-22.
- ^ a b "Our History". GAM. Retrieved 24 May 2019.
- ^ "UPDATE 3-Julius Baer splits operations, unlocks value". Reuters. Retrieved 13 August 2015.
- ^ "Former UBS CIO Alex Friedman Named CEO at GAM Holding". Bloomberg News. Retrieved 13 August 2015.
- ^ "GAM acquires real estate finance business of Renshaw Bay". 11 August 2015. Retrieved 13 August 2015.
- ^ "GAM to purchase £1.8bn equity house THS". Retrieved 19 May 2016.
- ^ "Acquisition of Cantab completed, new quantitative strategies launching under GAM Systematic name" (PDF). Retrieved 4 October 2016.
- ^ a b Sam Jones, Laurence Fletcher (30 July 2019). "GAM hires new chief and strikes deal with sacked manager". Financial Times. Retrieved 21 May 2022.
- ^ "GAM Holding AG appoints Peter Sanderson as Group CEO". GlobeNewswire News Room (Press release). 30 July 2019. Retrieved 21 May 2022.
- ^ "Leadership change at GAM holding AG". Retrieved 1 September 2019.
- ^ a b c "Peter Sanderson Group Chief Executive Officer, GAM Holding AG". www.wsj.com. Retrieved 21 May 2022.
- ^ "Peter Sanderson, GAM Holding Ltd: Profile and Biography". Bloomberg.com. Retrieved 21 May 2022.
- ^ "Soros fund builds 3% stake in Swiss asset manager GAM". Reuters. May 24, 2019.
- ^ Steinberg, Julie (December 4, 2019). "GAM Accused of Accounting Misstatements Connected to Hedge Fund Acquisition". Wall Street Journal.
- ^ "Liontrust-GAM activist 'very optimistic' he can block merger".