Friday, 1 August 2014
Last updated 1 hour ago
Oct 1 2009 | 12:34pm ET
Investors sent shares of Swiss fund of hedge funds shop GAM Holding soaring on its first day as an independent company—for a while.
Switzerland’s Julius Bear Holding split its core private bank from its asset management division, listing them separately on the Swiss Exchange today. Shares of GAM, which opened at 12.50 Swiss francs, soared to 14.50 francs in mid-morning trading, before slowly slipping to 12.02 francs at close.
“The separation of Julius Baer Group gives GAM Holding Ltd increased strategic flexibility to achieve the full potential of our business, whilst allowing us to continue to benefit from our relationship with Julius Baer private bank,” Johannes de Gier, chairman of GAM, said.
Julius Baer investors received one share each of the two new companies.