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SIX takes asset Manager GAM to target

The regulatory body of the stock exchange requires the sanction Commission of the SIX Group that the Zurich-domiciled asset managers of GAM a Holding company is cancelled on account of "alleged deficiencies" in accounting as a sanction. An investigation around the purchase of the UK hedge Fund Cantab Capital Partners have promoted "a potentially significant misrepresentation" in the financial statements for the 2017 light. GAM had failed to appreciate an obligation from the Acquisition of Cantab in the fall of 2016", as well as to capture at the time of acquisition and at subsequent Balance sheet dates as a financial liability".

Because of these "defects" are a rating of the financial obligations in the financial statements for 2017, the GAM according to the stock exchange "under" it. A potentially "significant revaluation effect" had not been recognised in the income statement. GAM denies having the books falsified, and has filed an objection against the proposed sanctions.

The Cantab should lay the Foundation stone for a new unit, in the system-controlled decisions of computer models and Algorithms. Instead, the bearer of hope, led this summer to a profit warning and a copyist of 59 million Swiss francs. 217 million dollars and had to spend a GAM 2016 for Cantab.

Massive outflows of client funds

in addition to Trouble with the stock market GAM also has a cost problem. Reason, massive outflows of customer deposits since, in the summer of 2018, a bond Fund with $ 11 billion worth of liquidated Assets, and its managers had to be dismissed due to "gross misconduct". The new GAM-chief Peter Sanderson launched a restructuring in which up to 40 percent of the 860 jobs to be dismantled. The removal includes, according to the news Agency Bloomberg 250 to 350. The lion's share of the employees employed in the United Kingdom. GAM does not comment on the plans.

GAM will be acted for some time as a takeover candidate. Ten years ago, the Bank Julius Baer split-off the asset Manager has lost since the beginning of last year in the stock market, over 80 percent of its value. In may, the legendary US Investor George Soros, a rose – probably in the hope that, in the case of GAM, it is on the up again. In the meantime, he is likely to have its share of 3 per cent, little joy, has GAM lost but since then, more than 40 percent of their value. In November the share has fallen back to below 3 percent. As a prospective buyer of Italian insurer Generali, the Geneva-based private Bank UBP and the French investment Bank Natixis to be called. The talks were put on ice a sale is only one Option, made GAM this week in public.

Created: 04.12.2019, 18:18 PM

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