We are an investor group who controls 9.6 per cent of GAM Holding AG.

We are convinced there is an opportunity to unlock significant value at GAM if the company can complete a successful turnaround and prioritise higher value-added activities in a more efficient corporate structure. 
 

Who we are

We are an investor group comprised of NewGAMe SA and Bruellan. NewGAMe is an investment vehicle controlled by Rock Investment, a subsidiary of NJJ Holding, the personal holding company of Xavier Niel.

Bruellan is an independent provider of global wealth management solutions, headquartered in Geneva, Switzerland.

The leadership of NewGAMe and Bruellan have significant experience of the global asset management industry as well as corporate turnarounds.
 

Our investment

Our group has increased its stake and holds or has the right to exercise voting rights attached to around 9.6 per cent of the issued share capital of GAM Holding AG, making us one of the company’s largest shareholders. We have also notified FINMA of our intention to go above 10 per cent.

On 18 July 2023, NewGAMe published the pre-announcement of its partial cash offer for up to 28 million GAM shares. Subject to certain restrictions pertaining to the location of investors, the offer documents are available here.

NewGAMe is committed to securing the necessary financial resources to fund GAM’s operations and ensure stability for clients, employees and other stakeholders. A member of our investor group has agreed to provide GAM with a mix of short- and long-term funding up to a total of CHF 100 million. 
 

One way since 2018

GAM has consistently underperformed for many years. 

Its share price has fallen by over 95% since its 2018 peak.

Assets under management have also fallen significantly, with investment management AUM down 73% over the past five years.
 

GAM has been losing money as a company and has not paid a dividend since 2018, and is the worst performing listed company in its peer group, in terms of share price performance and AuM trend.

Note: Peer group includes Vontobel, Amundi, DWS, Anima, Jupiter, Man Group, Liontrust, Ashmore, Janus Henderson, Schroeders, Gabelli, T Rowe Price, Franklin Resources, Artisan, AllianceBernstein and BlackRock

Our plan to unlock value at GAM

We have invested in GAM because there is an opportunity to restore GAM’s reputation as a best-in-class asset management firm.

We have requested an EGM of shareholders to revoke GAM's incumbent board and elect a new one with a clear plan to turnaround the business and to realize a very significant return on investment over the next few years. The EGM will take place on 27 September 2023.

Our proposed board of directors are all industry veterans with significant asset management and banking industry expertise, with a particular focus on key areas that must be rebuilt at the firm: hedge funds, alternatives and wealth management. All board members will have a significant investment in GAM.

Elmar Zumbuehl is the investor group’s proposed candidate for CEO of GAM.

Elmar Zumbuehl, a Swiss citizen, joined GAM in 2010 and is currently Chief Risk Officer and a member of the Group Management Board. Prior to joining GAM, he worked at Julius Baer for 10 years in a range of senior roles, including covering Julius Baer’s Asset Management business.

A presentation containing biographies of our five board candidates and more detail on our plan to unlock value at GAM can be found here.

NewGAMe's full investment thesis can be found here.

The 100 day turnaround plan can be found here.

Latest development and key materials
26 Sep 2023
NewGAMe investor group announces candidate for GAM CEO and provides funding of up to CHF 100 million
PDF
18 Sep 2023
NewGAMe provides update on regulatory filings required to increase GAM shareholding to 20-30%
PDF
11 Sep 2023
NewGAMe investor group welcomes ISS proxy report in favour of all EGM proposals
PDF
06 Sep 2023
NewGAMe investor group welcomes GAM board approval for EGM proposals and reiterates its long-term support for the company
PDF
30 Aug 2023
NewGAMe investor group names industry veteran as GAM CEO candidate
PDF
29 Aug 2023
NewGAMe investor group concludes successful discussions with GAM
PDF
24 Aug 2023
NewGAMe welcomes GAM shareholders' decision not to accept the Liontrust offer
PDF
18 Aug 2023
Funding offer and swap announcement
PDF
17 Aug 2023
Letter to GAM regarding bridge loan
PDF
17 Aug 2023
NewGAMe publishes partial cash offer prospectus
PDF
15 Aug 2023
Summary of Ethos Proxy Report
PDF
11 Aug 2023
Copy of letter to GAM re EGM
PDF
10 Aug 2023
Investor group NewGAMe and Bruellan withdraws proposals for GAM EGM
PDF
10 Aug 2023
Reply to open letter from John Ions
PDF
08 Aug 2023
Investor group NewGAMe and Bruellan requests date change for GAM EGM
PDF
03 Aug 2023
100-day plan
PDF
03 Aug 2023
Investor group NewGAMe and Bruellan publishes 100-day plan for successful GAM turnaround
PDF
31 Jul 2023
Investor group NewGAMe and Bruellan asks Swiss Takeover Board to impose final deadline on Liontrust’s offer for GAM
PDF
31 Jul 2023
Open letter to John Ions, CEO, Liontrust Asset Management
PDF
30 Jul 2023
TOB letter
PDF
26 Jul 2023
Open letter to GAM shareholders
PDF
25 Jul 2023
Investor group NewGAMe and Bruellan requests TOB intervention to stop GAM spreading misinformation about NewGAMe’s offer
PDF
24 Jul 2023
Copy of letter to TOB 24 July 2023
PDF
20 Jul 2023
Open letter to GAM shareholders - July 2023
PDF
18 Jul 2023
NewGAMe announces a partial cash tender offer for 28 million GAM shares
PDF
17 Jul 2023
Investor group NewGAMe and Bruellan welcomes support from GAM’s third-largest investor
PDF
17 Jul 2023
Letter to GAM shareholder
PDF
12 Jul 2023
Investor group NewGAMe and Bruellan publishes investment thesis on GAM and reaffirms it will not accept the Liontrust offer
PDF
12 Jul 2023
Copy of additional letter to GAM regarding FMS transaction - July 2023
PDF
11 Jul 2023
GAM investment thesis
PDF
11 Jul 2023
Response to the FMS transaction
PDF
03 Jul 2023
Copy of letter to GAM regarding FMS transaction
PDF
03 Jul 2023
NewGAMe response to FMS transaction
PDF
16 Jun 2023
Investor group NewGAMe and Bruellan request special audit
PDF
08 Jun 2023
Investor group NewGAMe and Bruellan requests an EGM
PDF
08 Jun 2023
NewGAMe presentation - June 2023
PDF
16 May 2023
NewGAMe and Bruellan have notified FINMA of intention to go above 10% threshold in GAM
PDF
10 May 2023
Investor group NewGAMe challenges Swiss Takeover Board’s decision on Liontrust's all-share offer for GAM
PDF
05 May 2023
Investor group NewGAMe and Bruellan comment on Liontrust’s offer for GAM Holding AG
PDF
27 Apr 2023
Investor group NewGAMe and Bruellan discloses 7.5 per cent stake in GAM Holding AG
PDF
Contact information

Media enquiries
Sasha Johnson
FinElk
newgam@finelk.eu

Shareholder enquiries
Patrick J. McHugh
Okapi Partners
pmchugh@okapipartners.com
+44 20 3417 3284
+1 917 304 6636

Other enquiries
Albert Saporta
info@newgam.ch