Swiss lender ZKB held takeover talks with GAM Holding – FT
9:27 am Saturday, April 22nd, 2023
(Reuters) -Swiss lender Zuercher 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 Zurich-headquartered asset manager GAM, the newspaper said. London-listed Liontrust Asset Management said earlier this week it was discussing a potential merger of its investment management unit with GAM.
In an emailed statement, ZKB declined to comment on whether takeover talks had taken place with GAM, but said the company was “constantly examining opportunities within its business development strategy”.
GAM, which has lost over 95% of its value following a bond fund scandal in 2018, is now looking for a buyer.
It has delayed its 2022 results presentation until April 25 to give it more time to prepare an update on a strategic review, which it is due to give on the same day.
According to the Financial Times report, Z Capital Group, a New York-based investment firm, is also interested in buying GAM.
GAM and Z Capital did not immediately respond to requests for comment.
(Reporting by Gokul Pisharody in BengaluruEditing by Helen Popper and Jason Neely)
