GAM Holding AG has held informal discussions with potential suitors to acquire all or part of its business as it seeks stability following the suspension of investment director Tim Haywood, people familiar with the discussions told Bloomberg News.
The talks are at a preliminary stage and may not ultimately lead to a sale, according to the sources.
Haywood was suspended in July following an internal investigation on matters related to his risk management procedures and record keeping. The move triggered a flood of investor redemptions, with the Swiss asset manager's board declaring in August that it is exploring all options to increase shareholder value.
A potential sale of the company could draw interest from banks' asset management units as well as French and Italian managers, the sources added.
GAM is poised to conduct a review of its profit targets following the client withdrawals, people with knowledge of the matter earlier told Bloomberg.