Switzerland's GAM Holding AG said it is not in M&A discussions with any company, following media reports regarding a potential deal with Italian insurance firm Generali.
The fund manager noted that its board will "always assess options" to maximize value for shareholders and other investors and that it is focused on improving profitability and simplifying its business.
In October 2018, GAM was said to have held informal talks with possible suitors to acquire all or parts of its business, as the firm sought stability following the suspension of investment director Tim Haywood over matters related to his risk management procedures and record keeping.
The discussions did not advance as the company prioritized investor redemptions, however, GAM was reported in April to have reignited the sale plans and hired banks to advise it on the process.
In July, GAM completed the liquidation of the unconstrained/absolute return bond funds of its GAM Investments unit, which were suspended in light of the rule-breaking allegations against Haywood. In the same month, the asset manager named Peter Sanderson group CEO, after Alexander Friedman stepped down amid the fallout of the Haywood scandal.
GAM's shares were trading 4.54% lower at 11:40 a.m. Central European Time on Oct. 9.
