May 24, 2019 / 7:07 AM / a month ago

Soros fund builds 3% stake in Swiss asset manager GAM

ZURICH (Reuters) - The SFM UK Management fund linked to investor George Soros has built a 3% stake in Swiss asset manager GAM Holding, a filing on the SIX Swiss Exchange’s website showed.

GAM shares rose 7% in early trading. At Thursday’s close the shares were up about 5% this year after losing three quarters of their value in 2018 after the suspension and subsequent sacking of fund manager Tim Haywood.

Haywood has denied any wrongdoing and this month said he hopes to win an appeal against his dismissal.

Reporting by Michael Shields; Editing by David Goodman

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