Asset Manager Faces Sanctions Over $217M Hedge Fund Buy
Law360, London (December 4, 2019, 1:39 PM GMT) -- The Swiss stock exchange's listing authority accused a Zurich-based asset manager on Wednesday of failing to properly disclose financial liabilities in connection with its 2016 takeover of U.K. hedge fund Cantab Capital Partners.
SIX Exchange Regulation AG said it has submitted a request for sanctions against GAM, claiming the Swiss company violated accounting standards in its 2017 financial statements. The company allegedly breached the International Financial Reporting Standards, global accounting rules known as IFRS.
The regulatory body said it had found “alleged deficiencies” in the way GAM accounted for its purchase of Cantab.
“GAM Holding AG has presumably failed to estimate this obligation...
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