Soros fund builds 3% stake in Swiss asset manager GAM

Credit: REUTERS/LUKE MACGREGOR

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.

Adds details, share price

ZURICH, May 24 (Reuters) - The SFM UK Management fund linked to investor George Soros has built a 3% stake in Swiss asset manager GAM Holding GAMH.S, 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)

((Michael.Shields@thomsonreuters.com; +41 58 306 7461; Reuters Messaging: michael.shields.thomsonreuters.com@reuters.net))

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