GAM shares spike 15% on takeover rumours

Trading above CHF8

GAM shares jumped over 15% on Wednesday following a report the firm had held informal talks with potential buyers.

Shares in the asset manager rose 15.8% to CHF8.1 at around midday on Wednesday (10 October) after a Bloomberg report said the firm was talking with potential buyers for all or part of the business. The news comes at a time when the asset manager is under increased pressure following the suspension of manager Tim Haywood on 31 July. Haywood, who was the business unit head for GAM's CHF 11bn (£8.5bn) AUM unconstrained/absolute return bond strategy, was suspended after an internal investigation into issues relating to his risk management procedures and record keeping. GAM subsequently...