Zurich (awp) – Reference shareholder of GAM Holding, Jörg Bantleon has reduced his stake in the company in difficulty to less than 3%, the latter indicated on Thursday evening. As of October 10, 2022, Bantleon had crossed the 10% mark downwards, then that of 5% on January 26.
Previously, Bantleon had increased its stake to more than 10% from 2020. At the time, the market saw him as the savior of the company. Last April. Frank Kuhnke, brother of Bantleon boss Stephan Kuhnke, was elected to the GAM board.
The reduction in the stake comes following the profit warning issued in mid-January by GAM. According to provisional figures, the asset management company expects an annual loss of approximately 309.9 million Swiss francs with a negative development of the assets under management.
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