Switzerland's GAM Alternatives pushes Liontrust for strategic overhaul

Gam Holding AG

23/03/2026 08:47

March 23 (Reuters) - The alternatives unit of Swiss asset manager GAM Holding GAMH.S on Monday urged British rival Liontrust Asset Management LIO.L to begin a strategic review, including a potential sale.

Liontrust shares were down about 2% at 235.5 pence at 0817 GMT.

Here is the rationale the Swiss company's units - part of GAM Alternatives - put forward in their letter:

Liontrust's shares were significantly undervalued, according to Albert Saporta and Randel Freeman, co-managers of GAM Global Special Situations Fund and GAM Global Opportunities Fund, who signed the letter.

They said the company's current leadership had not articulated a credible strategy to revive performance, and criticised what they described as "misaligned executive compensation".

Liontrust had pursued multiple acquisitions without successfully retaining key employees from target firms, they added.

"We believe that Liontrust should immediately commence a strategic review, with the objective of selling the company to the highest bidder, as it is no longer in a position to act as a serious consolidator," the letter said.

Liontrust in 2023 had launched a 96-million-pound ($127.86 million) all-share bid to acquire GAM, but the deal collapsed after failing to secure sufficient shareholder backing.

As of March 20, the two funds managed by GAM represent about 3.6% of the share capital of Liontrust.

($1 = 0.7508 pounds)

(Reporting by Rishab Shaju in Bengaluru; Editing by Harikrishnan Nair)

((Rishab.shaju@thomsonreuters.com ; +91 9048142177))