GAM Holding to Buy Cantab Capital
29 Giugno 2016 - 11:20AM
Dow Jones News
Struggling Swiss money manager GAM Holding has agreed to buy
hedge fund firm Cantab Capital to help it expand into
computer-driven funds.
GAM, which issued a profit warning earlier this month, said on
Wednesday it would pay $217 million in cash plus further payments
based on future management fees to buy Cambridge, England-based
Cantab.
Cantab runs $4 billion in assets in computer-driven portfolios
and was one of the funds to profit in the wake of the U.K.'s shock
decision to exit the European Union.
"The market turmoil following the U.K. referendum last week has
only reinforced out determination to pursue, and deliver on, our
strategy of diversification and long-term growth," said GAM Chief
Executive Alexander Friedmand.
Write to Laurence Fletcher at laurence.fletcher@wsj.com
(END) Dow Jones Newswires
June 29, 2016 05:05 ET (09:05 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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