(Corrects CEO’s surname throughout)
ZURICH, June 10 (Reuters) - Embattled Swiss asset manager GAM Holding is no longer actively looking for a buyer or major strategic investor, Chief Executive Peter Sanderson said in a newspaper interview.
“We looked at these options, but at the moment we believe that the strategy we have presented is the best one to add value,” he told Finanz und Wirtschaft in an article published on Wednesday.
“We have received mostly positive feedback for this from the shareholders. The board of directors and I of course also have a duty to consider together with shareholders serious proposals that could create long-term added value.”
He said GAM did not intend to sell any major parts of its business and he could imagine adding teams where this made sense.
Sanderson said markets and customer activity had stabilised since the turbulent conditions of the first quarter, with March being especially volatile. Outflows had stabilised long ago, and all its products had managed market recent fluctuations without mishaps, he said.
GAM’s assets under management fell by more than 20 billion Swiss francs ($21 billion) in the first quarter, prompting it to step up its cost-cutting plans which include cutting roughly one-sixth of its staff this year.
$1 = 0.9503 Swiss francs Reporting by Michael Shields, editing by John Revill
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