The U.S. billionaire and philanthropist has taken a stake in Swiss asset manager GAM. His move has helped steady the value of the company.
George Soros bought the stake in the asset manager via SFM UK Management, a company owned by Soros Fund Management. He built a stake of 3 percent in the Zurich-based company, which automatically triggered a notification obligation.
The stake reached the threshold of 3 percent on May 16, 2019, according to a statement by SIX, the stock exchange operator. The investment was first reported by «Bloomberg».
Soros bought the stake after shares of GAM had lost almost three quarters of their value following the suspension of star fund manager Tim Haywood. After the move by the veteran investor became known, the stock recovered some of the ground it had lost, adding almost 15 percent in recent trading.
