April 22 (Reuters) – Swiss lender Zürcher Kantonalbank, known locally as ZKB, has been in takeover talks with GAM Holding AG (GAMH.S), the Financial Times reported on Saturday, citing people familiar with the matter.
ZKB is one of several companies considering buying Zurich-based asset manager GAM, the newspaper said. London-listed Liontrust Asset Management (LIO.L) announced earlier this week that it was discussing a potential merger of its investment management unit with GAM.
In an emailed statement, ZKB declined to comment on whether it had entered into takeover talks with GAM, but said the company was “constantly evaluating opportunities as part of its business development strategy.”
GAM, which lost over 95% of its value following a bond fund scandal in 2018, is now looking for a buyer.
It postponed its 2022 results presentation to April 25 to allow more time to prepare an update to a strategic review to be presented on the same day.
Z Capital Group, a New York-based investment firm, is also interested in buying GAM, according to the Financial Times report.
GAM and Z Capital did not immediately respond to requests for comment.
Reporting from Gokul Pisharody in Bengaluru; Editing by Jason Neely
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