GMHLY Gam Holding Ag (PK)

Struggling Swiss money manager GAM Holding has agreed to buy hedge fund firm Cantab Capital to help it expand into computer-driven funds.

GAM, which issued a profit warning earlier this month, said on Wednesday it would pay $217 million in cash plus further payments based on future management fees to buy Cambridge, England-based Cantab.

Cantab runs $4 billion in assets in computer-driven portfolios and was one of the funds to profit in the wake of the U.K.'s shock decision to exit the European Union.

"The market turmoil following the U.K. referendum last week has only reinforced out determination to pursue, and deliver on, our strategy of diversification and long-term growth," said GAM Chief Executive Alexander Friedmand.

Write to Laurence Fletcher at laurence.fletcher@wsj.com

(END) Dow Jones Newswires

June 29, 2016 05:05 ET (09:05 GMT)

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