Saturday, 30 May 2015
Last updated 13 hours ago
Feb 29 2012 | 1:15pm ET
Fund of hedge funds GAM Holding has bought a fellow Swiss fund manager—the first of what could be a series of acquisitions.
GAM paid 10 million Swiss francs (US$11.5 million) for a majority stake in Arkos Capital. Lugano-based Arkos, which has 664 million Swiss francs in assets under management, had been looking for a larger firm to partner with, Financial News reports.
The acquisition gives GAM its first equity long/short strategy since the exit in 2009 of Ross Holliman. Arkos focuses on European and emerging markets.
As part of the deal for Arkos, GAM acquired roughly three-quarters of the firm, including the stake previously owned by Swiss private bank Banca Arner. GAM will buy the remaining shares in three years.
A GAM spokeswoman told FN that the Arkos deal may not be its last. The cash-rich firm is eyeing other possible single-manager acquisitions.
May 27 2015 | 2:15pm ET
Support Hedge Funds Care, also known as Help For Children (HFC), by participating in this year's raffle. All proceeds go to support HFC's mission of preventing and treating child abuse. Read more…