Billionaire Investor Gabelli Builds Three Percent Stake in GAM
(Bloomberg) -- Billionaire U.S. money manager Mario Gabelli built a stake of around 3 percent in GAM Holding AG, according to a regulatory filing from the Swiss stock exchange.
- The investment marks a rare sign of confidence in the Swiss asset manager after the July suspension of bond manager Tim Haywood caused the stock to plummet and triggered outflows of $18 billion in the third quarter.
- The stock’s plunge of more than 60 percent this year may have convinced some investors that the drop is overdone
- The Zurich-based company is looking at all options to reduce costs and exploring ways to maximize shareholder value, GAM CFO Richard McNamara said in October. The firm also said it would give an update on strategy by the time it presents full-year results on Feb. 21.
GAM’s shares have been on a downward trajectory all year and plunged at the end of July following Haywood’s suspension. The stock is down more than 60 percent in 2018.
Gabelli runs Gamco Asset Management and is the largest independent shareholder in CBS Corp. and Viacom Inc.