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Gam Assets Slump 17.7 Billion Francs After Director Suspension

by reuters.com posted 11months ago 54 views
* Shares drop more than 14 pct in early trading (Adds comments from CEO and CFO, market reaction, analyst comment): ZURICH (Reuters) - Money manager GAM Holding AG (GAMH.S) suffered a 17.7 billion Swiss francs ($18 billion) slump in the value of its assets after the suspension of a top asset manager prompted investors to withdraw billions of francs from its funds, the company said on Tuesday. Shares in the Swiss-based group slid more than 14 percent to 6.2 francs in early trade, hitting their lowest level in nine years. They had traded as high as 18.18 francs in January.

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