GAM’s third largest shareholder Global Emerging Markets group (Gem) has stated it does not support Liontrust Asset Management’s bid to take over the Swiss firm.
In an email seen by Bloomberg, the New York-based alternatives asset manager said it had decided not to accept Liontrust's takeover offer of the firm. Gem held a stake of 6.5% in GAM through its Global Yield fund as of May, according to data compiled by Bloomberg. Liontrust declined to comment and both GAM and GEM were contacted. Liontrust CEO: 'The clock is now at one minute to midnight for the future of GAM' The pushback presents another challenge for Liontrust as it attempts to pass the deal through. Since the offer was announced on 4 May, a cohort of GAM's shareholders ha...
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