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Swiss money manager GAM rebuffs Schroders offer for hedge fund unit - FT

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(Reuters) – GAM Holding AG <GAMH.S> has rebuffed an offer from Schroders Plc <SDR.L> to sell its Systematic division, which handles the Swiss money manager’s Cantab quantitative hedge fund unit, the FT reported, citing two people familiar with the matter.

GAM turned down the offer because it was concerned that selling one of its most attractive units separately would make it difficult to sell the whole company, the FT reported on Sunday.

In October, Bloomberg reported that informal talks were under way with potential buyers for the entire GAM business or a portion of it, to provide a way to stabilise the company.

(Reporting by Ishita Chigilli Palli in Bengaluru; Editing by Kevin Liffey)

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