GAM (company)

GAM Investments is an independent, pure play asset management group headquartered in Zurich.[5] 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 Investments
TypePublic limited company
SIX: GAM
ISINCH0102659627
IndustryAsset management
Founded1983 (1983) (as GAM) [1]
Headquarters
Zürich
,
Switzerland
Key people
Peter Sanderson (CEO)[2]
ProductsInvestments
AUMCHF 120.4 billion [3]
Number of employees
Around 817[4] (2019)
Websitewww.gam.com

Headquartered in Zurich, GAM has been independently listed on the SIX Swiss Exchange since October 2009, following the separation of the former Julius Baer Group Julius Baer,[6] and is a component of the Swiss Performance Index (SPI) with the symbol “GAM”. The Group has assets under management of CHF 120.4 billion[3] and employs around 850 staff with offices in 14 countries.

History

GAM was founded as "Global Asset Management" in 1983 by Gilbert de Botton,[7] a pioneer of the "open architecture" asset management model.[8] 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.[9] 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.[10]

GAM has since then has acquired several asset managers: Arkos Capital in 2012 and Singleterry Mansley Asset Management in 2014.[9] In September 2014 it appointed Alexander Friedman, the CIO of UBS Wealth Management, as the new Group CEO.[11] Later, in 2015, GAM announced the acquisition of the real estate division of Renshaw Bay.[12] 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.[13] 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.[14] In August 2018 GAM suspended an Investment Director and announced the suspension and liquidation of a range of Absolute Return Bond funds. The Investment Director was dismissed for gross misconduct in February 2019.

In September 2019 it appointed Peter Sanderson as Group CEO who joined from BlackRock.[2]

In May 2019 it was announced that Soros Fund Management had built up a 3% stake in the company, which it subsequently sold.[15]

December 2019, GAM was accused of accounting ‘misstatement’ by the Swiss bourse.[16][17]

References
  1. "About Us". www.gam.com.
  2. "Leadership change at GAM holding AG". Retrieved 1 September 2019.
  3. "GAM Holding AG Interim management statement for the three-month period to 30 September 2020". www.gam.com.
  4. "2018 full-year results report". Retrieved 20 February 2020.
  5. Angaben der GAM Holding AG auf der Website der SIX Swiss Exchange
  6. Julius Bär, Medienmitteilung, 20 May 2009.
  7. "Gilbert de Botton, founder and U.K. chairman of Global Asset Management". Pensions & Investments. 29 August 2000. Retrieved 24 May 2019.
  8. "GAM and LSE announce award in honour of Gilbert de Botton". Archived from the original on 2013-04-22.
  9. "Our History". GAM. Retrieved 24 May 2019.
  10. "UPDATE 3-Julius Baer splits operations, unlocks value". Retrieved 13 August 2015.
  11. "Former UBS CIO Alex Friedman Named CEO at GAM Holding". Retrieved 13 August 2015.
  12. "GAM acquires real estate finance business of Renshaw Bay". Retrieved 13 August 2015.
  13. "GAM to purchase £1.8bn equity house THS". Retrieved 19 May 2016.
  14. "Acquisition of Cantab completed, new quantitative strategies launching under GAM Systematic name" (PDF). Retrieved 4 October 2016.
  15. Reuters Staff (May 24, 2019). "Soros fund builds 3% stake in Swiss asset manager GAM" – via www.reuters.com.
  16. Steinberg, Julie (December 4, 2019). "GAM Accused of Accounting Misstatements Connected to Hedge Fund Acquisition" – via www.wsj.com.
  17. "GAM accused of accounting misstatements by Swiss bourse".
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