Zurich-based asset manager GAM has acquired Cantab Capital Partners, a UK-based multi-strategy manager with $4 billion (€3.6 billion) in assets under management.
The deal, worth $217 million, is to be funded by GAM’s existing cash resources with a further deferred consideration based on future management fee revenues. It is expected to be completed by the second half of this year.
At the same time as announcing the deal, the Swiss firm has launched GAM Systematic, a platform dedicated to systematic products across liquid alternatives and long-only traditional asset classes such as equities, bonds and multi-asset. GAM says Cantab will be the foundation of this strategy.
The Swiss firm sees the move as a crucial step to delivering its long-term objective of expanding and diversifying its active asset management business. GAM claims systematic strategies are attracting substantial allocations from investors globally due to their compelling returns.
“The market turmoil following the UK referendum last week has only reinforced our determination to pursue, and deliver on, our strategy of diversification and long-term growth,” said Alexander S. Friedman, group chief executive officer of GAM.
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