Zürcher Kantonalbank held takeover talks with GAM Holding -FT
2023.04.22 08:55
© Reuters. FILE PHOTO: The logo of Zuercher Kantonalbank (ZKB) bank is seen at its headquarters in Zurich, Switzerland September 24, 2020. REUTERS/Arnd Wiegmann
(Reuters) – Swiss lender Zurcher Kantonalbank, known locally as ZKB, has held takeover talks with GAM Holding AG, the Financial Times reported on Saturday, citing people familiar with the matter.
ZKB is one of several companies considering a purchase of GAM.
London-listed Liontrust Asset Management also said earlier this week that it was discussing a potential merger of its investment management unit with GAM, which is headquartered in Zurich.
Swiss asset manager GAM, which has lost over 95% of its value following a bond fund scandal in 2018, is now looking to sell itself.
GAM moved the date of its 2022 results presentation to April 25 to give it more time to prepare an update on a strategic review which it will provide on the same day.
GAM’s troubles began in 2018 with its bond return funds, prompting client withdrawals.
Z Capital Group, a New York-based investment firm, is also interested in buying GAM, the newspaper added.
GAM, ZKB and Z Capital did not immediately respond to Reuters’ requests for comment.
