ZURICH, June 28 (Reuters) - Swiss activist investor Rudolf Bohli said on Wednesday he had sold his remaining 3 percent stake in GAM Holding after an unsuccessful bid this year to oust the wealth manager’s chief executive and adopt more aggressive cost cutting.
GAM declined to comment. A bookrunner had said on Tuesday an institutional investor had offered 4.73 million shares in GAM at 13.15 Swiss francs, for an implied value of about 62 million Swiss francs ($64.6 million).
“We’ve earned well with our investment, especially considering the time horizon. We weren’t going to be invested forever,” Bohli told Reuters, adding his hedge fund RBR Capital had previously reduced what had been a 4.5 percent stake in GAM via the stock exchange. “It was a good return,” he said.
$1 = 0.9597 Swiss francs Reporting by John Miller and Paul Arnold; Editing by Michael Shields