Hedge fund veteran George Soros has taken a minor position in under-fire Swiss asset management company GAM.
According to the Financial Times, Soros has acquired a 3% stake in the Zurich-based company through a subsidiary called SFM UK Management. The position was uncovered in a mid-May filing on the Swiss Stock Exchange.
GAM’s share price rose to CHF 4.38 on Friday morning, having closed at CHF 4.07 on Thursday. Shares in the company have dropped from CHF 17.8 in January 2018.
This was prior to major turbulence over the summer which saw several senior fund managers leave, its head of absolute return suspended and then dismissed, as well as its CEO, Alex Friedman, leaving the company.
Soros has not shied away from investing in high-profile areas of the asset management industry.
He was a notable backer of Bill Gross when the ‘bond king’ quit Pimco for Janus Capital in 2014. However, he withdrew his $490 million of support one year later as Gross suffered.