Niel’s Investor Group to Boost GAM Stake After Liontrust Bid
- Group including Niel, Saporta has signaled opposition to deal
- GAM management backs sale to Liontrust after years of outflows
Xavier Niel
Photographer: Marlene Awaad/BloombergThis article is for subscribers only.
A group of investors in troubled Swiss asset manager GAM Holding AG said that it intends to build its stake in the company, signaling growing opposition to a takeover offer by Liontrust Asset Management.
The shareholder group, which includes French telecommunications billionaire Xavier Niel and is led by hedge fund veteran Albert Saporta, notified the Swiss Financial Market Supervisory Authority that it intends to go above the disclosure threshold of 10% of the voting rights, according to a statement on Tuesday.