2023-07-17 17:34:07
Published on July 17, 2023 at 7:34 p.m. Modified on July 17, 2023 at 7:51 PM.
GAM announced on Monday a loss of 71 million francs for the first half. The Zurich asset manager also clarified that he continued to exercise thanks to the loan granted by the English of Liontrust, which issued a purchase offer on the company in difficulty since 2018. But half of the approximately 20 million francs that could be advanced to GAM in this context will only be advanced if Liontrust’s offer is accepted. Eight days remain for Liontrust to obtain the agreement of more than 66% of GAM shareholders, but this period may be extended. Meanwhile, the war of press releases continues between the two competitors in the running to take over GAM, namely Liontrust and the company NewGAMe, which notably includes the French billionaire Xavier Niel and the Geneva wealth manager Bruellan.
The vicious circle continues for GAM: the Zurich portfolio manager saw its assets fall by almost 10% between the end of 2022 and June 30, when they reached 68 billion francs. Of this total, only 21.9 billion assets are managed by GAM and therefore a source of income. The remaining 46 billion correspond to its service activity for investment funds, which is very unprofitable. Less assets mean less income, GAM is staying afloat by drawing on the 10 million francs Liontrust advanced to it when it announced its takeover attempt on May 4. The exact amount already used by GAM has not been disclosed.
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