Billionaire investor George Soros has built up a 3% stake in GAM Holding, sending shares in the troubled Swiss asset manager up 15% to a near six-month high.
The stake, reported through a filing to the Swiss stock exchange on Friday, was bought by SFM UK Management LLP, a subsidiary of Soros Fund Management. Soros is not the first investor to snap up a significant stake in GAM, with Mario Gabelli's New York-listed firm Gamco building up a similar-sized position towards the end of 2018. Friday's rally in the stock to CHF4.70, a level not seen since early December, stemmed losses since early 2018 that have totalled three-quarters of the Zurich-listed firm's market capitalisation. Update: GAM to cut 18 investment manager positions Its t...
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