Billionaire George Soros acquires a stake in GAM

The multimillionaire investor George Soros acquired a 3% stake in the Swiss badet manager GAM Holding AG after the shares lost three-quarters of their value in one year.

SFM UK Management LLC, a subsidiary of the billion-US-Hungarian group, bought the stake on May 16, according to a statement from the Swiss stock exchange.. GAM rebounded by 8.3% in the Zurich trade.

Although the reasons why the Soros fund bought the stake are unknown, GAM has already attracted the attention of opportunity hunters. Mario Gabelli, the 76-year-old American securities manager, known for his frequent televised interviews and his preference for undervalued companies, revealed in November that his position had exceeded 3%, making him one of the top 10 shareholders of the society. signature

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The dismissal of the fixed income manager Tim Haywood In July, he began one of the most tumultuous periods in the history of the badet manager. The loss of confidence led investors to withdraw nearly $ 25,000 million, which cost the previous manager the job. Alex Friedman and caused the stock collapse.

GAM Holding is recovering efforts for its own sale after the stagnation of previous attempts, said people familiar with the issue last month. The company has felt the interest of banks, badet managers and insurers, said people.

GAM was up 6.7% at 9:25 am in Zurich. The rebound increases to 13% this year and gives the company a market value of 697 million francs.

F.D.S./FF