- GAM Holding ( OTCPK:GMHLY ) American depositary receipts jumped 30% in Friday midday trading after Sky News reported that the Zurich-based investment management firm is working with bankers at UBS to explore a potential sale.
- The process is in preliminary stages and no deal appears to be imminent, they said. A number of parties were said to be approached.
- In the past year, GAM Holdings ( OTCPK:GMHLY ) ( OTCPK:GMHLF ) Zurich-traded shares have sunk almost 39%.
- In August, the company said its total assets under management fell to CHF 83.2B at June 30, 2022, down from CHF 99.9B at Dec. 31, 2021, with declining markets and foreign exchange accounting for almost 80% of the decline in AUM.
- At the time, GAM had also said, "2024 financial targets are now more challenging, and these will be revisited at the end of 2022 given the current volatile market environment."
- The company had also explored a potential sale in 2019.
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GAM Holding ADRs surge after report that it's exploring sale