GAM Agrees to Buy London Equities Investor Taube Hodson Stonexby
GAM Holding AG, the Swiss asset manager formerly owned by Julius Baer Group Ltd., agreed to acquire U.K. equities firm Taube Hodson Stonex Partners Ltd.
The purchase is expected to close in the third quarter, pending regulatory approvals, GAM said in a statement on Monday, without disclosing the terms of the deal. THS, which has acted as a sub-adviser to a GAM equity strategy since 1983, managed about 1.78 billion pounds ($2.55 billion) as of March 31, according to the statement.
“The THS team is a great strategic and cultural fit for GAM,” Chief Executive Officer Alexander Friedman said in the statement. “This acquisition is consistent with the growth agenda we set out in 2015, which includes targeting opportunities that substantially deepen our global equity capabilities.”
Friedman, 45, who took over in 2014 after serving as global chief investment officer at UBS Group AG, is seeking ways to offset gains in the Swiss franc, which reduces the value of assets in other currencies. The company previously reported $3.2 billion in outflows of client money in the first quarter as turbulent financial markets spooked investors. GAM’s shares have declined about 27 percent this year.
The THS investment team, which manages institutional mandates for global and European equities, will relocate to GAM’s offices in London and its strategies will be marketed under the GAM brand, according to the statement.