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☆ Here's why the stock market is throwing a tantrum about new inflation data
▼ + stars: | 2024-09-11 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +4 min

Core inflation rose unexpectedly, dashing hopes for a bigger rate cut from the Fed. US indexes slumped on Wednesday, with the Dow dropping as much as 600 basis points in the early morning as traders took a mixed-bag of inflation data. That's the lowest headline inflation rate recorded since early 2021. On the other hand, cutting interest rates by just 25 basis points means higher for longer interest rates. "Today's inflation data cemented in a 25 basis point cut next week 50 basis points in out the window," she added.

Persons: —, Julian Howard, Gina Bolvin, Preston Caldwell, Chris Zacarelli Organizations: Fed, Traders, Service, Dow, of Labor Statistics, GAM Investments, Bolvin Wealth Management, Labor Department, Morningstar, Independent

☆ Google's second antitrust trial could help shape the future of online ads
▼ + stars: | 2024-09-06 | by ( Jennifer Elias | Jennifer Covers Google Parent Company Alphabet Inc. | Silicon Valley Culture For Cnbc.Com In San Francisco. | ) www.nbcnews.com time to read: +8 min

For Google, the focus turns to its ad tools, which are part of the company’s $200 billion digital ad business. In the first antitrust case, the court found that Google violated Section 2 of the Sherman Act, which outlaws monopolies. The company’s M&A strategy “set the stage for Google’s later exclusionary conduct across the ad tech industry,” the Justice Department alleges. Google has long fought back against claims that it dominates online ads, pointing to the market share of competitors including Meta. It will argue that buyers and sellers have many options especially as the online ad market has evolved.

Persons: Biden, Donald Trump, Meta, Sherman, Goldman, Bernstein, Amit Mehta, ” Mehta, Google’s, Neal Mohan, Mohan, it’s, AdMeld, Jerry Dischler, It’s, Sissie Hsiao, Scott Sheffer, Prabhakar Raghavan, Simon Whitcombe Organizations: Department of Justice, Google, Microsoft, Big Tech, DOJ, Apple, Federal Trade Commission, Facebook, Amazon, Citibank, NYSE, New York Stock Exchange, YouTube, Google Network, U.S, District of Columbia, Department, DoubleClick, Meta, Stanford, Harvard, New York Times Locations: Alexandria , Virginia, California , Colorado , Connecticut , New Jersey , New York, Rhode Island and Tennessee, Google’s

☆ Markham: Chance for tech stocks to bounce back strongly from recent pullback
▼ + stars: | 2024-07-18 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailMarkham: Chance for tech stocks to bounce back strongly from recent pullbackPaul Markham, Investment Director and Head of Global Equities at GAM Investments, discusses the sell-off in chips and other tech stocks.

Persons: Paul Markham Organizations: Investment, Global, GAM Investments

☆ Fed officials seem like they have ‘no idea’ what is going on with U.S. inflation, strategist says
▼ + stars: | 2024-05-22 | by ( Sophie Kiderlin | In | ) www.cnbc.com time to read: +3 min

"I think the message that's coming through is that they have no idea what's going on," Howard said on CNBC's "Squawk Box Europe" on Wednesday. Fed Governor Christopher Waller on Tuesday said that he needed to see further data evidence that inflation was softening before supporting rate cuts. Waller's comments were echoed by other Fed officials on Tuesday, including Boston Fed President Susan Collins. 'A credibility problem'But Fed officials have not come out with a clear message about their expectations or to address why inflation remains elevated, GAM's Howard said. "And now [policymakers] think inflation is coming down but its not coming down fast enough," he said.

Persons: Valerie Plesch, Julian Howard, Howard, Christopher Waller, Waller's, Susan Collins, GAM's Howard, They've Organizations: Eccles Federal, Bloomberg, Getty, Federal, GAM, Fed, Peterson Institute for International Economics, Boston Fed, Atlanta Federal Reserve Locations: Washington , DC, U.S, Washington

☆ Federal Reserve officials seem to 'have no idea what's going on,' strategist says
▼ + stars: | 2024-05-22 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailFederal Reserve officials seem to 'have no idea what's going on,' strategist saysJulian Howard, head of multi-asset solutions at GAM, discusses recent remarks from Federal Reserve officials and the outlook for U.S. inflation and monetary policy.

Persons: Julian Howard Organizations: Federal, Federal Reserve

☆ Don't rate Tesla's Full Self Driving too highly, tech investor says: 'By no means autonomous driving'
▼ + stars: | 2024-05-03 | by ( Ryan Browne | ) www.cnbc.com time to read: +1 min

News of electric car giant Tesla's progress toward rolling out its advanced driver-assistance feature in China isn't as groundbreaking as investors are treating it, according to a top tech investor. Mark Hawtin, GAM Investment Management's investment director focused on investing in disruptive growth and technology stocks, told CNBC' "Squawk Box Europe" Thursday that such expectations were misleading — not least because Tesla's Full Self Driving service doesn't offer full autonomous driving. "We should say what they're doing — everyone's talking about this full self-driving capability," Hawtin told CNBC. On Monday, shares of Tesla rose sharply, notching their best day since March 2021, after it passed a significant milestone toward the launch of FSD in China. This raised expectations that Tesla's FSD would soon be available in China.

Persons: Mark Hawtin, Hawtin, Tesla, Elon Musk Organizations: Investment, CNBC Locations: China, U.S, China . Local, FSD

☆ Tesla shares 'very expensive': EV maker likely to face a 'huge demand problem' over price cuts, fund manager says
▼ + stars: | 2024-05-02 | by ( Ganesh Rao | ) www.cnbc.com time to read: +3 min

Other automakers are seeing strong growth in their electric vehicle sales even as the overall global auto market faces a downturn, adding to the pressure for Tesla. Similarly, BMW said earlier in April that sales of fully electric vehicles at its core brand jumped 41% in the first quarter. However, as the EV maker aggressively cut the cost of new vehicles globally, used car values have dropped in parallel. "I think there's going to be a huge demand problem for Tesla," he added. However, they reiterated their "overweight" rating for the stock with a price target of $205 – or 12% upside – for Tesla.

Persons: Tesla, Mark Hawtin, Elon, Hawtin, United States …, Ronald Jewsikow, Guggenheim, Piper Sandler, Alexander Potter, Ben Johnson Organizations: GAM Investments, Baidu, Volkswagen, BMW, Tesla Locations: China, Europe, United States

☆ Analyst on China issuance plan for 'ultra-long' special treasury bonds
▼ + stars: | 2024-03-06 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailChina plan to issue $139 billion in 'ultra-long' special treasury bonds a positive surprise: AnalystWendy Chen, senior investment analyst at GAM Investments, says that means China's central government is "taking more share of the burden — in terms of fiscal stimulus — from the local governments."

Persons: Wendy Chen Organizations: China, GAM Investments

☆ Swiss takeover board rules NewGAMe's partial offer for GAM shares complies with rules
▼ + stars: | 2023-09-01 | by ( ) www.reuters.com time to read: +1 min

REUTERS/Arnd Wiegmann/File Photo Acquire Licensing RightsAug 31 (Reuters) - Switzerland's takeover board has ruled that a partial offer for up to 28 million shares of GAM Holding (GAMH.S) by an investor group comprising NewGAMe SA and Bruellan SA is in line with Swiss takeover rules, NewGAMe said on Thursday. The arrangement would be also that the investor group would propose new GAM board members at the upcoming extraordinary general meeting (EGM), where the fund manager's current board is expected to stand down. The regulator on Thursday also challenged the validity of the condition making NewGAME's offer conditional to Rock's candidates being elected to GAM's board, NewGAMe said. Last week, a takeover offer from Liontrust won the backing of just 33.64% of GAM's shareholders. ($1 = 0.8830 Swiss francs)Reporting by Kanjyik Ghosh in Bengaluru; Editing by Maju SamuelOur Standards: The Thomson Reuters Trust Principles.

Persons: Arnd, NewGAMe, Xavier Niel's NewGAMe, Liontrust, Kanjyik Ghosh, Maju Samuel Organizations: REUTERS, GAM, NewGAMe SA, Bruellan SA, Swiss, Rock Investment, Swiss Financial Market Supervisory Authority, Thomson Locations: Zurich, Switzerland, Bengaluru

☆ Mukesh Ambani’s succession planning is a bonus
▼ + stars: | 2023-08-29 | by ( ) www.reuters.com time to read: +2 min

Mukesh Ambani (R), Chairman and Managing Director of Reliance Industries, poses with (from 2nd R to L) wife Nita Ambani, children Isha Ambani, Anant Ambani, and Akash Ambani before addressing the company's annual general meeting in Mumbai, India July 21, 2017. REUTERS/Shailesh Andrade Acquire Licensing RightsMUMBAI, Aug 29 (Reuters Breakingviews) - The bar for Mukesh Ambani to impress is rising, including on succession. Planning is sensible, yet Reliance shares closed down 1.1%. Here, the top challenge may be getting public shareholders to match the $100 billion valuation the Qataris have set for the shopping unit. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

Persons: Mukesh Ambani, Nita Ambani, Isha Ambani, Anant Ambani, Akash Ambani, Shailesh Andrade, Ambani, Isha, Akash, Anant, That’s, Shritama Bose, Didi, Una Galani, Thomas Shum Organizations: Reliance Industries, REUTERS, Rights, Reuters, Reliance, Reliance Retail, Jio Financial Services, X, White, Thomson Locations: Mumbai, India

☆ White House inflicts Big Pharma ills
▼ + stars: | 2023-08-28 | by ( ) www.reuters.com time to read: +2 min

If just one or two big medications were going to be renegotiated, the industry could shoulder the change. The IRA, signed into law last year, allows Medicare to negotiate prices for some of its most costly drugs. Though specificities are unclear, a quick look at one of the biggest sellers under the program, blood thinner Eliquis, suggests Big Pharma could shoulder a discount. At 11 times earnings over the next 12 months, that’s less than 10% of the firm’s $205 billion market capitalization. Put this on the same multiple of 11 times, and it would be a $275 billion hit to the industry.

Persons: George Frey, Biden, Robert Cyran, Xpeng’s Didi, Lauren Silva Laughlin, Sharon Lam Organizations: Pfizer Pharmaceuticals, REUTERS, Reuters, Big, Medicare, Pfizer, Bristol, Myers Squibb, Congressional, Office, X, Thomson Locations: Provo , Utah, U.S

☆ Xpeng’s Didi deal is smart shortcut to growth
▼ + stars: | 2023-08-28 | by ( ) www.reuters.com time to read: +2 min

An Xpeng P5 electric vehicle (EV) is seen displayed during a media day for the Auto Shanghai show in Shanghai, China April 19, 2021. It’s buying compatriot Didi’s smart EV unit and paying $744 million, or 3.25% of its own stock. For its part, Didi seems to have given up its ambition to break into capital-intensive EV manufacturing, and that’s probably a smart move for a company stuck in listing limbo. It’s unclear if the deal with Didi will dilute VW’s shareholding but Xpeng’s worth is at least rising. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

Persons: Aly, Didi, that’s, Li Auto, BYD, Una Galani, Thomas Shum Organizations: Auto Shanghai, REUTERS, Rights, Reuters, HK, Volkswagen, EV maker’s, X, Thomson Locations: Shanghai, China

☆ SPACs can't be killed
▼ + stars: | 2023-08-25 | by ( ) www.reuters.com time to read: +2 min

Chamath Palihapitiya, Founder and CEO of Social Capital, presents during the 2018 Sohn Investment Conference in New York City, U.S., April 23, 2018. Although SPACs raised just $13 billion last year, this week produced a deal that looks like it could have happened during the heyday. From U.S. presidential hopefuls’ forays to a continued SPAC king’s virality, SPACs’ reach is a reminder that they are hard to kill. This week, one of those SPACs bought Better.com, a mortgage lender led by Vishal Garg and backed by SoftBank Group (9984.T). They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

Persons: Chamath Palihapitiya, Brendan McDermid, SPACs, Vishal Garg, Donald Trump, Vivek Ramaswamy, lister Chamath Palihapitiya, Anita Ramaswamy, Lauren Silva Laughlin, Sharon Lam Organizations: Social Capital, Investment, REUTERS, Reuters, SoftBank Group, Securities and Exchange Commission, X, KKR, Thomson Locations: New York City, U.S

☆ KKR pours itself a thirst-quencher deal Down Under
▼ + stars: | 2023-08-25 | by ( ) www.reuters.com time to read: +2 min

Trading information for KKR & Co is displayed on a screen on the floor of the New York Stock Exchange (NYSE) in New York, U.S., August 23, 2018. On Friday the U.S. asset manager said it had agreed to sell its 80% stake in Australian Venue to fellow private equity firm PAG six years after buying the pubs group. That means KKR has poured itself a tasty – and possibly frothy - internal rate of return. Assume KKR funded half the original acquisition with debt, and it increases to 32%. KKR’s local private equity boss David Lang and his team deserve a drink.

Persons: Brendan McDermid, that’s, That’s, David Lang, Antony Currie, Coinbase’s, Una Galani, Thomas Shum Organizations: KKR, New York Stock Exchange, REUTERS, Rights MELBOURNE, Reuters, X, Thomson Locations: New York, U.S, New Zealand

☆ GAM’s end game still has a way to go
▼ + stars: | 2023-08-24 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Sarah Meyssonnier/File Photo Acquire Licensing RightsMILAN, Aug 24 (Reuters Breakingviews) - GAM’s (GAMH.S) long-running takeover saga has entered a critical phase. The ball is now with the opposing shareholders, which control nearly 10% of the asset manager. The NewGAMe crowd has proposed issuing a 25 million Swiss franc convertible bond to give GAM some breathing space. But this won’t cover expected losses, restructuring charges and pension costs amounting to at least 100 million Swiss francs, GAM has calculated. As things stand, to win the game of rescuing this embattled asset manager, investors will have to dig deep.

Persons: Xavier Niel, Sarah Meyssonnier, NewGAMe’s, Lisa Jucca, Coinbase’s, Aimee Donnellan, Streisand Neto Organizations: French, REUTERS, Reuters, Management, GAM, X, Thomson Locations: Paris, France, French, Ukraine

☆ Shein deal kills several birds with one stone
▼ + stars: | 2023-08-24 | by ( ) www.reuters.com time to read: +2 min

A Shein logo is pictured at the company’s office in the central business district of Singapore, October 18, 2022. REUTERS/Chen Lin Acquire Licensing RightsTORONTO, Aug 24 (Reuters Breakingviews) - Shein isn’t wasting any time in the U.S. battle for buyers of ultra-fast fashion. In exchange, Sparc will become a minority shareholder in Shein. The clever relationship kills a few birds with one stone. Shein is highly skilled at manufacturing TikTok-friendly wares, but has come under attack for its ESG credentials.

Persons: Chen Lin, Simon Property, Simon, Brooks, Sharon Lam, Coinbase’s, Lauren Silva Laughlin, Oliver Taslic Organizations: REUTERS, Rights, Reuters, Forever, Sparc, Authentic Brands, Authentic, X, Thomson Locations: Singapore, U.S, Shein, American

☆ Liontrust faces $14 million one-off charge after GAM offer failure
▼ + stars: | 2023-08-24 | by ( ) www.reuters.com time to read: +1 min

The logo of GAM investment management company is seen at its headquarters in Zurich, Switzerland July 29, 2019. The British company said it had secured backing from shareholders representing a total of 53,250,357 GAM Shares, corresponding to 33.45% of total stock subject to its offer. "Liontrust made a full and fair offer for GAM, which reflected the financial reality of the business and would have provided a certain and sustainable solution," John Ions, Liontrust CEO said in a statement. "We are disappointed we did not win the support of the majority of GAM's shareholders and are grateful to those GAM and Liontrust shareholders who did back our offer," he said. Separately on Thursday, GAM said it had begun "constructive and productive" refinancing discussions with representatives of the investor group Newgame.

Persons: Arnd, Liontrust, John, Sinead Cruise, Lawrence White Organizations: REUTERS, Liontrust, Management, GAM, AG, Thomson Locations: Zurich, Switzerland, Swiss, British

REUTERS/Arnd Wiegmann/File Photo Acquire Licensing RightsZURICH, Aug 24 (Reuters) - GAM (GAMH.S) has entered into discussions with French billionaire Xavier Niel's NewGAMe shareholder group after a takeover offer from Britain's Liontrust failed to gain the required level of support. "The GAM Board acknowledges that the majority of our shareholders have not found the Liontrust Offer compelling. GAM shares fell 5.08% shortly after market open, whereas Liontrust recorded a 10.37% gain. Liontrust had made its offer conditional on winning the backing of two-thirds of GAM's shareholders in a prospectus it published in June. The investor group, led by Niel's NewGAMe and asset manager Bruellan, have vehemently opposed the all-share offer, saying in July that it "grossly undervalues GAM".

Persons: Arnd, Xavier Niel's, Britain's Liontrust, Liontrust, GAM's, David Jacob, Niel's NewGAMe, Bruellan, Brenna Hughes, Friederike Heine, Jason Neely, Christina Fincher Organizations: REUTERS, Rights, GAM, Thomson Locations: Zurich, Switzerland, British, Liontrust

☆ GAM shareholder group demands date change for extraordinary general meeting
▼ + stars: | 2023-08-08 | by ( ) www.reuters.com time to read: +1 min

ZURICH, Aug 8 (Reuters) - Investors in Swiss asset manager GAM Holding (GAMH.S) have asked for the company's extraordinary general meeting - which could remove its chairman and board - to be delayed. The investor group, which controls roughly 9.6% of GAM shares, wants the EGM to be delayed until August 31, so shareholders can vote knowing the outcome of Liontrust's offer. The deadline for Liontrust's offer has been extended three times from the original date of July 25. The offer has been recommended by GAM's board, which triggered calls by some shareholders to remove chairman David Jacob and his board at an EGM. Some investors have opposed the all-share offer, saying in July that it "grossly undervalues GAM" and want to turn GAM around rather than selling.

Persons: Xavier Niel, Liontrust, David Jacob, John Revill, Miranda Murray Organizations: GAM, Thomson Locations: ZURICH, Swiss

☆ Investors look beyond Turkey rate hike disappointment, for now
▼ + stars: | 2023-07-21 | by ( Jorgelina Do Rosario | ) www.reuters.com time to read: +4 min

"There is a huge gap between rates and inflation, but investors still have faith in this policy shift," Peach said. "They will tolerate a gradual tightening cycle if the key rate rises towards 30% at the end of the year." International bonds are still widely held by foreign investors, though much less so the domestic ones exposed to the lira currency's wild swings. BETTER BUFFERSRising central bank reserves are another positive sign. JPMorgan raised its inflation outlook for Turkey after the rate hike, now expecting year-end inflation at 57% versus 50% previously.

Persons: Hafize Gaye Erkan, Tayyip Erdogan, Nick Eisinger, Liam Peach, Peach, Paul McNamara, Emre Akcakmak, It's, Cagri Kutman, Jorgelina, Karin Strohecker, John Stonestreet Organizations: LONDON, Vanguard, Capital Economics, GAM Investments, Net, East Capital, JPMorgan, United Arab, KNG Securities, Thomson Locations: Turkey, London, United Arab Emirates, Rosario

☆ Ambani’s finance unit gets credit before it’s due
▼ + stars: | 2023-07-20 | by ( ) www.reuters.com time to read: +2 min

MUMBAI, July 20 (Reuters Breakingviews) - Mukesh Ambani’s capacity to disrupt India’s $2 trillion small loans market is fully priced in. It’s a big endorsement, considering the lending company starts with a tiny $244 million loan portfolio as of March 2022. Ambani will have his task cut out to deliver on expectations, despite a reputation for upending industries from telecoms to retail. The $155 billion HDFC Bank (HDBK.NS), freshly merged with its mortgage financier parent, will chase the latter’s customers with renewed vigour. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

Persons: Mukesh, Ambani, It’s, Jio, Shritama Bose, whir, Xavier Niel’s, Una Galani, Thomas Shum Organizations: Reuters, Reliance Industries, Bajaj Finance, HDFC Bank, Twitter, Xavier Niel’s GAM, Thomson Locations: MUMBAI

☆ Thailand’s political drama raises the stakes
▼ + stars: | 2023-07-20 | by ( ) www.reuters.com time to read: +2 min

SINGAPORE, July 20 (Reuters Breakingviews) - Investors in Thailand are long used to twists and turns in the country’s politics but a court’s move on Wednesday to suspend the leader of the election-winning Move Forward Party as a lawmaker has raised the stakes. Pita Limjaroenrat's supporters are protesting as it’s now unlikely that the liberal and would-be aggressive reformer of the underperforming $500 billion economy will become the prime minister. It’s not a good outcome, however. Opinions expressed are those of the author. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

Persons: Pita Limjaroenrat's, Pita, It’s, It's, whir, Xavier Niel’s, Una Galani, Thomas Shum Organizations: Reuters, Investors, Party, SETI, Gulf Energy, Asian Development Bank, Twitter, Xavier Niel’s GAM, Commonwealth Games, Thomson Locations: SINGAPORE, Thailand, Asia

☆ Netflix’s cash gun starts to whir
▼ + stars: | 2023-07-19 | by ( ) www.reuters.com time to read: +2 min

NEW YORK, July 19 (Reuters Breakingviews) - Netflix (NFLX.O) is putting out some programming worthy of more eyeballs. But its forecast on free cash flow – once a horror flick– shows that the business is only getting stronger. The revenue outlook for the third quarter of $8.5 billion is below analysts’ estimates of $8.7 billion, according to Refinitiv. Netflix raised its outlook for free cash flow this year to at least $5 billion from approximately $3.5 billion. At a time when high interest rates make greenbacks more expensive, and competitors Walt Disney (DIS.N) and Warner Bros Discovery (WBD.O) are squirming, Netflix’s cash story is one to watch.

Persons: Reed Hastings, Walt Disney, Jennifer Saba, Gucci, Xavier Niel’s, Lauren Silva Laughlin, Sharon Lam Organizations: YORK, Reuters, Netflix, Hollywood, Warner Bros Discovery, Twitter, Xavier Niel’s GAM, Commonwealth Games, Thomson

☆ Next Gucci CEO may have toughest job in luxury
▼ + stars: | 2023-07-19 | by ( ) www.reuters.com time to read: +2 min

LONDON, July 19 (Reuters Breakingviews) - Gucci is getting a new look. Gucci took a harder hit during the pandemic than some mega-brand rivals, then struggled to bounce back. That’s way below the 10% and 15% rise brokers are pencilling in for Louis Vuitton and Christian Dior (DIOR.PA) respectively. All of that makes Gucci CEO job one of the most interesting in the luxury sector – but also possibly the toughest. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

Persons: Gucci, Marco Bizzarri, Jean, François, Kering’s, Bizzarri, Roberto Eggs, Louis Vuitton, Christian Dior, Karen Kwok, Xavier Niel’s, Liam Proud, Streisand Neto Organizations: Reuters, Tuesday, Gucci, JPMorgan, Revenue, Alpha, Louis, Hermès, Barclays, Bain & Company, Twitter, Xavier Niel’s GAM, Commonwealth Games, Thomson Locations: Milan, Italian, Kering’s Paris, China, People’s Republic

☆ Xavier Niel’s GAM raid looks less quixotic
▼ + stars: | 2023-07-18 | by ( ) www.reuters.com time to read: +2 min

NewGAMe, whose backers include telecoms mogul Xavier Niel and Swiss wealth manager Bruellan, launched a tender offer for just under 18% of GAM’s shares. Liontrust’s offer looked like the least bad option for GAM, which is losing money as its assets have more than halved since 2018 to 68 billion Swiss francs. And at least one other investor, with 6.5%, has said it won’t accept Liontrust’s offer. That means Liontrust will probably struggle to get to the two-thirds vote it would need to take over GAM. But GAM also has over 2 billion Swiss francs of tax losses to carry forward, lowering any future tax burden.

Persons: Xavier Niel, Bruellan, NewGAMe, Neil Unmack, Aimee Donnellan, Oliver Taslic Organizations: Reuters, GAM, Liontrust Asset Management, Twitter, Commonwealth Games, Cathay, Thomson Locations: Swiss

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