GAM is to to transfer its management company activities in Ireland, Luxembourg and the UK to global financial service provider Apex Group.

The Swiss headquartered asset manager said in a statement on  11 July that the definitive agreement was "a significant step in GAM’s strategy to streamline its operations and focus on its core investment management capabilities for clients".

Financial terms of the agreement were not disclosed and it is subject to applicable regulatory approvals and other customary conditions.

Its own fund management services were more cost-effective when outsourced, GAM said.

The agreement to transfer includes the sale of GAM Fund Management Ltd, Dublin (GFML), including its in-house transfer agency function to Apex Group.

GAM and Apex Group will also transfer management company services for GAM funds in Luxembourg and the UK to corresponding subsidiaries of Apex Group.

Apex Group offers a global single-source solution providing all services required across the full value chain of the business via one convenient and efficient relationship, GAM said.

Elmar Zumbuehl, CEO of GAM, said: “This agreement with Apex Group is a testament to our commitment to focus relentlessly on behalf of our clients to do what we do best – providing access to great investment talent, distinctive investment solutions, first-class service, and global distribution. We are confident that this partnership will enhance our capabilities supported by a robust, efficient and highly scalable operational framework. We look forward to a successful collaboration with Apex Group and the benefits it will bring to our clients and future capabilities.”

Peter Hughes, founder and CEO of Apex Group, said:“Apex Group is a leading global financial services provider offering a full suite of services to the industry and we welcome GAM into the Group. We are extremely pleased to support their strategic objectives. Our expertise in management company services will provide GAM with the operational efficiency and scalability needed to thrive in today’s competitive market. We are excited to embark on this journey together and deliver exceptional value to GAM’s clients.”

The completion of the sale of GFML and the transfer of management company services in Luxembourg and the UK is expected by the end of Q4 2024.