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UBS buys money manager
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September 14, 1999: 4:28 a.m. ET
Swiss bank to buy GAM Global Asset Management for up to $675 million
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LONDON (CNNfn) - UBS agreed to buy independent money manager GAM Global Asset Management for up to $675 million Tuesday, further strengthening the Swiss bank's asset management capabilities.
UBS, Europe's second-largest bank after Deutsche Bank, claims to be the world's largest asset manager already, with more than 1.6 trillion Swiss francs ($1 trillion) under its control.
GAM, based in Bermuda and founded by Gilbert do Botton in 1983, will add around 21 billion Swiss francs ($13.9 billion) to that figure, mainly from investments held for wealthy private clients as well as institutional funds.
Swiss investors like the deal, pushing UBS shares up 1 percent in early Zurich trade Tuesday.
The price of the deal will vary between $575 million and $675 million depending upon the value of assets in GAM's portfolio when the deal is completed.
The company will continue to operate under its own name, but within UBS's private banking unit. UBS also owns Chicago-based money manager UBS Brinson, which it acquired in 1995.
UBS itself was formed last year through the merger of Union Bank of Switzerland and Swiss Bank Corporation.
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