Asset manager GAM has completed the acquisition of a majority stake in Arkos Capital, a Swiss investment firm, adding CHF 729 million (€607 million) to its funds under management.
The deal gives GAM, formerly part of private bank Julius Baer until 2009 but now listed on the Swiss stock exchange, the right to buy a remaining 25.05% in Arkos.
GAM had $47.9 billion (€39 billion) under management at 31 December 2011.
From its base in Lugano, Switzerland, Arkos Capital manages three offshore long-short equity funds and five Ucits products, aiming for absolute returns irrespective of market conditions. The company launched its first fund in July 2002.
GAM will rebrand the Arkos funds and said it hoped to distribute them under their new names by the end of the year. The funds will continue to be managed from Lugano by the same teams and GAM said it did not expect significant integration costs.
The Swiss Financial Market Supervisory Authority approved the deal.
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