GAM investors call for board overhaul

An investor in Swiss asset manager GAM has called for an extraordinary general meeting (EGM) to discuss replacing the board following the acquisition offer from UK-based manager Liontrust Asset Management. 

The EGM request comes from Rock Investment SAS, part of the investor group comprised of Newgame SA and Bruellan SA, which holds 5.11% of GAM shares. 

Some shareholders are said to feel that the Liontrust £96 million offer, which is dependent on GAM offloading its fund management services business, undervalues GAM, but GAM board members said they strongly recommended the deal went ahead. 

The requested date for the meeting is August 16, when the shareholders are expected to argue the deal undervalues the company and attempt to replace the board that accepted the terms. 

The group is proposing Bruellan executive partner Antoine Spillmann should chair the board. 

In a statement, GAM said: “The GAM Board continues to strongly recommend that shareholders accept the Liontrust proposal. The offer period is anticipated to start on 26 June 2023 and conclude on 21 July 2023, with the GAM Holding AG Board and Group Management Board irrevocably agreeing to tender their shares.” 

On June 5, the Swiss Takeover Board (TOB) rejected NewGAMe’s challenges to Liontrust’s acquisition of GAM. 

Liontrust’s acquisition of GAM is expected to create a group with £53 billion in assets under management. 

© 2023 funds europe

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