Acquisition talks have reportedly taken place between Swiss institution Zuercher Kantonalbank and GAM Holding AG (GAMH.S), according to sources familiar with the situation who was quoted by The Financial Times on Saturday.
The article claims that ZKB is one of several businesses considering buying Zurich-based asset management firm GAM. This week, London-listed Liontrust Asset Management (LIO.L) disclosed that it was in talks with GAM over a prospective merger of its investment management division.
ZKB declined to respond to a query regarding whether or not GAM and ZKB had discussed acquisitions. However, the corporation said it was “constantly examining opportunities within its business development strategy.”
Due to a bond fund scam in 2018, GAM has lost over 95% of its value and is looking for a buyer.
To have additional time to prepare for the strategic review update initially scheduled for the same day, it has pushed its 2022 results presentation to April 25.
Z Capital Group, a New York-based investment company, is reportedly also interested in purchasing GAM, according to the Financial Times piece.
Requests for comments from GAM and Z Capital were not immediately fulfilled.
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