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Julius Baer buys GAM from UBS

GAM has been sold by UBS to Swiss bank Julius Baer as part of a 2.5bn deal.

GAM is part of SBC Wealth Management, along with three private Swiss banks, all of which are part of the deal.

The boutique manager was started in 1983 by the late Gilbert de Botton and has been owned by UBS since 1999. Its fund managers are free to run money on their terms and star managers include Andrew Green, who runs the UK diversified fund, US manager Gordon Grender and Mike Bunker, who heads the Asian desk. The firm also boasts a highly profitable hedge fund business.

SBC merged with UBS in 1998. UBS allowed the firms to continue operating under their own names and business models in an attempt to retain staff and clients.

Alan Steel Asset Management chairman Alan Steel says: “GAM wants to do business entirely its own way and has not been keen to enter the new distribution world.

“It has made an awful lot of money for very rich clients but has never made a big impact on UK retail. It will be interesting to see whether the buyer wants to change this or if it is just after the substantial trail.”

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