By Noele Illien
ZURICH - One of GAM's largest investors, Global Emerging Markets (GEM), said on Friday it has increased its stake in the Swiss asset manager to 5%.
New York-based GEM increased its holding from 3.13%, and reported the share purchase in a filing to the Swiss Stock Exchange on Thursday, its founder, Chris Brown told Reuters in a phone call.
GAM's shares fell 10% after the company issued a profit warning last week.
"GEM historically does not comment on its investments in listed securities and does not pursue positions on the boards of listed companies, primarily because we have no real value to add," Brown said.
GAM said last week that it expects to report a net loss after tax of approximately 309.9 million Swiss francs ($338.28 million) for the full year 2022, after experiencing negative asset flows.
GAM also said it has moved the date of its 2022 results presentation to April 25 to give it more time to prepare an update on a strategic review, which it will provide on the same day.
($1 = 0.9161 Swiss francs)
(This story has been corrected to change the name of the investor from GEM Capital to GEM)
