GAM saw its share price fall over 10% by lunchtime trading on Thursday (30 August) after Credit Suisse analysts cut their target price in half amid the ongoing troubles at the firm.
Credit Suisse analysts set a new target for the stock of CHF7, down from CHF14.2, causing GAM shares to drop 10.1% to CHF7.4 points. Furthermore, the analysts at the bank cut GAM's earnings per share estimate by 28% for 2018 and by 56% for 2019. The new price comes just days after GAM announced how it will return cash to investors following the decision to liquidate suspended manager Tim Haywood's (pictured) absolute return bond fund range on the back of high levels of redemption requests. The firm said it expects to return cash to 87% of investors by early September. Despite GA...
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