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Zürcher Kantonalbank to acquire precious metals and money market funds from GAM

Zürcher Kantonalbank said July 30 that its asset management unit will take over the management and marketing of four Swiss precious metals funds from GAM Holding AG with AUM of CHF1.8 billion.

The deal will also include the acquisition of GAM's money market funds with AUM of CHF400 million.

The purchase price amounts to CHF14 million, equivalent to roughly 0.6% of the purchased assets.

The transaction's completion is expected in the third quarter, subject to regulatory approval.

GAM will continue as the fund management company for the assets through its private labeling unit, with State Street Bank and Bank Julius Baer to remain as custodian banks.