Billionaire investor George Soros built a 3% stake in embattled Swiss asset management GAM Holding AG after the stock lost three-quarters of its value in a year.
The shares were acquired by SFM UK Management LLC, a subsidiary of the Hungarian-American billionaire’s family office, on May 16, according to a statement from the Swiss stock exchange. GAM shares rose 5.5% in pre-market trading.
While the Soros fund’s motives to buy the stake aren’t clear, GAM has previously attracted the attention of bargain hunters. Mario Gabelli, the 76-year-old U.S. stock picker known for his frequent TV interviews and targeting of undervalued companies, disclosed in November his position had exceeded 3%, making him a top 10 shareholder.
Bond-fund manager Tim Haywood’s suspension in July kicked off one of the most tumultuous periods in the asset manager’s history. The loss of confidence prompted investors to pull almost $25 billion, cost former Chief Executive Officer Alex Friedman his job and sent the shares into a tailspin.
GAM Holding is reviving efforts to sell itself after previous attempts stalled, people familiar with the matter said last month. The firm has gauged interest from banks, asset managers and insurers, the people said.
This article was provided by Bloomberg News.