Billionaire investor George Soros has taken a 3% stake in troubled Swiss asset manager GAM.
Soros bought the stake through SFM UK Management, part of Soros Fund Management, according to a stock exchange filing.
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GAM has been saddled with difficulties after revelations of breaches in star fund manager Tim Haywood’s risk management and record keeping processes.
The absolute return bond fund (ARBF) range managed by Haywood was liquidated soon.
Haywood was first suspended and eventually fired.
Haywood has refuted charges of misconduct levelled against him.
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By GlobalDataThe company’s CEO Alexander Friedman also stepped down.
Following the scandal, GAM unveiled plans to axe nearly 10% of jobs as part of a restructuring programme.
GAM registered net loss of CHF929.1m in the year ended 31 December 2018.
As at 31 March 2019, the firm’s assets under management totalled CHF137.4bn.
Earlier this month, the firm elected Katia Coudray, Jacqui Irvine as well as Monika Machon as its new board members.
Hugh Scott-Barrett was re-elected as the chairman of the board.
At the same time, Benjamin Meuli, Nancy Mistretta and David Jacob were re-elected to the board.
As per media reports, the asset manager’s share price increased following the Soros deal after losing three-quarters of their value over the last one year.
