GAM has agreed to sell its loss-making third-party fund management services (FMS) businesses in Luxembourg and Switzerland to Carne Group, which will satisfy one of the conditions of the Liontrust takeover offer.
In a statement, the board of the Swiss asset manager said the transactions are "in the interests of all stakeholders of GAM" and represent the implementation of "an important part" of its strategic review. GAM said the sale is a "material step" towards fulfilling one of the conditions of the offer from Liontrust Asset Management for all of GAM's publicly held shares, which the board continues to unanimously recommend to shareholders. Reflecting the reduced AUM and loss-making nature of the FMS businesses, the Luxembourg unit was sold for €2.25m (£1.9m) and the Swiss business for CHF...
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