{"success":true,"data":{"pressRelease":{"id":"87246","rtpr_id":"nGNE54JR6l","ticker":"GAMH","exchange":"","all_tickers":["GAMH"],"title":"GAM special situations managers cross 5% ownership threshold in Liontrust and build a position in Impax, citing continued engagement and deep undervaluation","author":"Globe Newswire","published_at":"2026-07-14T06:21:11.054Z","article_body":"PRESS RELEASE\n\nThis communication relates solely to the investment activities of the\nmentioned Special Situations Investment Portfolios, which form part of the GAM\nAlternatives business. Activist engagement is undertaken by the portfolios'\ninvestment managers in pursuit of the portfolios' stated investment\nobjectives. It should not be interpreted as a statement of corporate policy or\nopinion by GAM Investments.\n\nLondon / Zurich, 14 July 2026\n\nGAM special situations managers cross 5% ownership threshold in Liontrust and\nbuild a position in Impax, citing continued engagement and deep undervaluation\n\nOn Friday 10 July 2026, two GAM-managed special situations investment\nportfolios declared an interest in over 5% of Liontrust Asset Management\nPLC’s (LON:LIO) shareholder capital.  This follows a publicly announced\nprevious interest of 3.6% and an open letter\n(https://www.globenewswire.com/Tracker?data=RMjT6sFuaRHQsX6731xAaUWaoebE-F7OkGZVKqwzbMTe20MG3w9rj0tAnpVQekgLGbxbWNZrO9T-5cE5UbbO2cnHTZwH3oFvRTzWIAaEe7L7Uyklji2jm-2U_ieCkEJr8aJ3RACiBp6kLWOus5huKFRruUEyFU39huQBfWCbbbgUi944wxQzU9nbgzWor_75GwZmzOkLxSCZVXxM7doghnLH8K6fqW8lDMKjNfBGrZA=)\nto Liontrust’s CEO sent in March 2026.  In this letter, the co-portfolio\nmanagers, Albert Saporta and Randel Freeman made it clear that the stock was\nsignificantly undervalued and that the management had failed to deliver\nshareholder value over the last few years. In fact, their view is that\nmanagement seemed to have embarked on a value destruction enterprise with a\nstring of acquisitions and wrong strategic choices that delivered a near\nhalving of AUM while getting paid obscene levels of compensation in light of\nan 80%+ drop in the stock price from its 2021 top until a bottom was reached\nonly a few months ago. \n\nIn parallel, the same GAM-managed special situations portfolios have\naccumulated a position of about 2.2% in Impax Asset Management (LON:IPX).\nImpax has gone through the same stock market agony in the last few years, with\nthe share price falling by about 90% from its December 2021 high and AUM down\nby 42%*. However, Impax is now trading at 0.60% of AUM and 0.31% of AUM net of\nits cash surplus of GBP 64.7m (FYE 30 September 2025); GAM’s co-portfolio\nmanagers believe that the shares are extremely undervalued. Moreover, its\nsustainability focus, which has been a liability in the recent past,\nrepresents in the co-portfolio managers’ view a valuable asset which could\nlead to Impax becoming a target in the consolidation of the UK fund management\nindustry. \n\n* IPX peak dividend adjusted share price was 1072p (9 December 2021),\nBloomberg; peak AUM was GBP 40,115m (31 March 2023), Impax financial reports.\n\nAbout GAM Global Special Situations\n\nThe GAM Global Special Situations strategies invest globally long and short in\nsecurities of companies, intra and across markets and within complex corporate\ncapital structures, which are often undergoing significant corporate change.\nThe Special Situations investment portfolios are co-managed by Albert Saporta\nand Randel Freeman.\n\nAbout GAM\n\nGAM Investments is an independent, active global asset manager listed in\nSwitzerland, whose purpose is to protect and enhance clients' financial\nfuture.\n\nSince 1983, GAM has provided access to great investment talent. A pioneer of\nopen-architecture investing, GAM brings together specialist in-house\ninvestment teams and selected third-party partners on a single global platform\nspanning public and private markets.\n\nIts investment capabilities cover alternatives, specialist fixed income,\nequities and multi-asset, with particular expertise in differentiated and\nnon-traditional sources of return developed over more than four decades. Many\nof its strategies are designed to provide differentiated return drivers beyond\ntraditional equity and bond markets, helping investors build more resilient\nportfolios across market cycles.\n\nAs at 31 December 2025, GAM had CHF 12.5 billion of assets under management.\nHeadquartered in Zurich, Switzerland, GAM serves institutional investors,\nfamily offices and wealth managers through 17 offices across 15 countries,\ncombining global reach with local expertise to serve clients worldwide.\n\nFor further information please visit www.gam.com or contact:\n\n Special Situations Investment Team  Albert Saporta, Co-CIO GAM Alternatives  GAM Investment Management (Switzerland) AG  albert.saporta@gam.com  Media Relations  Colin Bennett  colin.bennett@gam.com  T +44 (0) 207 393 8544                                                         \n Randel Freeman, Co-CIO GAM Alternatives  GAM USA Inc.  randel.freeman@gam.com                                                                    Visit us: www.gam.com  Follow us: X (https://twitter.com/gamInsights)and LinkedIn (https://www.linkedin.com/company/gam-investments)  \n\nOther important information\n\nThis press release is issued by the portfolio managers of the portfolios\nreferenced above for information purposes only. It does not constitute\ninvestment advice, an offer, or a solicitation to buy or sell any security.\nViews expressed are those of the portfolio managers as at the date of\npublication and are subject to change. References to specific securities or\ntransactions are for illustrative purposes only and do not constitute a\nrecommendation. Past performance is not a reliable indicator of future\nresults.\n\nThis release contains or may contain statements that constitute\nforward-looking statements. Any such statements in this release speak only as\nof the date hereof and are based on assumptions and contingencies subject to\nchange without notice. Any forward-looking statements in this release are not\nindications, guarantees, assurances or predictions of future performance and\ninvolve known and unknown risks, uncertainties and other factors, many of\nwhich are beyond the control of the person making such statements. You are\nstrongly cautioned not to place undue reliance on forward-looking statements.\nGAM Alternatives is part of ‘GAM Investments’ which is a division within\nthe GAM Holding AG Group.\n\nAttachments\n*     Saporta_Albert_GAM UK_2000x2556px\n(https://ml-eu.globenewswire.com/Resource/Download/0a63c8b0-c3c4-4f46-b982-f52a2fcf362c)\n  \n*     Randel Freeman, Co-CIO GAM Alternatives\n(https://ml-eu.globenewswire.com/Resource/Download/8709a19e-4675-4684-b902-70c4893c7561)\n  \n*     GAM_Alts_Press_Release_LT_IPX_Activist_En\n(https://ml-eu.globenewswire.com/Resource/Download/1b5f6427-310c-4dec-a709-70ffe34b0c6e)","article_body_html":"","raw_payload":{"data":{"id":"nGNE54JR6l","title":"GAM special situations managers cross 5% ownership threshold in Liontrust and build a position in Impax, citing continued engagement and deep undervaluation","author":"Globe Newswire","ticker":"GAMH","created":"2026-07-14T06:21:11.054Z","tickers":["GAMH"],"exchange":"","article_body":"PRESS RELEASE\n\nThis communication relates solely to the investment activities of the\nmentioned Special Situations Investment Portfolios, which form part of the GAM\nAlternatives business. Activist engagement is undertaken by the portfolios'\ninvestment managers in pursuit of the portfolios' stated investment\nobjectives. It should not be interpreted as a statement of corporate policy or\nopinion by GAM Investments.\n\nLondon / Zurich, 14 July 2026\n\nGAM special situations managers cross 5% ownership threshold in Liontrust and\nbuild a position in Impax, citing continued engagement and deep undervaluation\n\nOn Friday 10 July 2026, two GAM-managed special situations investment\nportfolios declared an interest in over 5% of Liontrust Asset Management\nPLC’s (LON:LIO) shareholder capital.  This follows a publicly announced\nprevious interest of 3.6% and an open letter\n(https://www.globenewswire.com/Tracker?data=RMjT6sFuaRHQsX6731xAaUWaoebE-F7OkGZVKqwzbMTe20MG3w9rj0tAnpVQekgLGbxbWNZrO9T-5cE5UbbO2cnHTZwH3oFvRTzWIAaEe7L7Uyklji2jm-2U_ieCkEJr8aJ3RACiBp6kLWOus5huKFRruUEyFU39huQBfWCbbbgUi944wxQzU9nbgzWor_75GwZmzOkLxSCZVXxM7doghnLH8K6fqW8lDMKjNfBGrZA=)\nto Liontrust’s CEO sent in March 2026.  In this letter, the co-portfolio\nmanagers, Albert Saporta and Randel Freeman made it clear that the stock was\nsignificantly undervalued and that the management had failed to deliver\nshareholder value over the last few years. In fact, their view is that\nmanagement seemed to have embarked on a value destruction enterprise with a\nstring of acquisitions and wrong strategic choices that delivered a near\nhalving of AUM while getting paid obscene levels of compensation in light of\nan 80%+ drop in the stock price from its 2021 top until a bottom was reached\nonly a few months ago. \n\nIn parallel, the same GAM-managed special situations portfolios have\naccumulated a position of about 2.2% in Impax Asset Management (LON:IPX).\nImpax has gone through the same stock market agony in the last few years, with\nthe share price falling by about 90% from its December 2021 high and AUM down\nby 42%*. However, Impax is now trading at 0.60% of AUM and 0.31% of AUM net of\nits cash surplus of GBP 64.7m (FYE 30 September 2025); GAM’s co-portfolio\nmanagers believe that the shares are extremely undervalued. Moreover, its\nsustainability focus, which has been a liability in the recent past,\nrepresents in the co-portfolio managers’ view a valuable asset which could\nlead to Impax becoming a target in the consolidation of the UK fund management\nindustry. \n\n* IPX peak dividend adjusted share price was 1072p (9 December 2021),\nBloomberg; peak AUM was GBP 40,115m (31 March 2023), Impax financial reports.\n\nAbout GAM Global Special Situations\n\nThe GAM Global Special Situations strategies invest globally long and short in\nsecurities of companies, intra and across markets and within complex corporate\ncapital structures, which are often undergoing significant corporate change.\nThe Special Situations investment portfolios are co-managed by Albert Saporta\nand Randel Freeman.\n\nAbout GAM\n\nGAM Investments is an independent, active global asset manager listed in\nSwitzerland, whose purpose is to protect and enhance clients' financial\nfuture.\n\nSince 1983, GAM has provided access to great investment talent. A pioneer of\nopen-architecture investing, GAM brings together specialist in-house\ninvestment teams and selected third-party partners on a single global platform\nspanning public and private markets.\n\nIts investment capabilities cover alternatives, specialist fixed income,\nequities and multi-asset, with particular expertise in differentiated and\nnon-traditional sources of return developed over more than four decades. Many\nof its strategies are designed to provide differentiated return drivers beyond\ntraditional equity and bond markets, helping investors build more resilient\nportfolios across market cycles.\n\nAs at 31 December 2025, GAM had CHF 12.5 billion of assets under management.\nHeadquartered in Zurich, Switzerland, GAM serves institutional investors,\nfamily offices and wealth managers through 17 offices across 15 countries,\ncombining global reach with local expertise to serve clients worldwide.\n\nFor further information please visit www.gam.com or contact:\n\n Special Situations Investment Team  Albert Saporta, Co-CIO GAM Alternatives  GAM Investment Management (Switzerland) AG  albert.saporta@gam.com  Media Relations  Colin Bennett  colin.bennett@gam.com  T +44 (0) 207 393 8544                                                         \n Randel Freeman, Co-CIO GAM Alternatives  GAM USA Inc.  randel.freeman@gam.com                                                                    Visit us: www.gam.com  Follow us: X (https://twitter.com/gamInsights)and LinkedIn (https://www.linkedin.com/company/gam-investments)  \n\nOther important information\n\nThis press release is issued by the portfolio managers of the portfolios\nreferenced above for information purposes only. It does not constitute\ninvestment advice, an offer, or a solicitation to buy or sell any security.\nViews expressed are those of the portfolio managers as at the date of\npublication and are subject to change. References to specific securities or\ntransactions are for illustrative purposes only and do not constitute a\nrecommendation. Past performance is not a reliable indicator of future\nresults.\n\nThis release contains or may contain statements that constitute\nforward-looking statements. Any such statements in this release speak only as\nof the date hereof and are based on assumptions and contingencies subject to\nchange without notice. Any forward-looking statements in this release are not\nindications, guarantees, assurances or predictions of future performance and\ninvolve known and unknown risks, uncertainties and other factors, many of\nwhich are beyond the control of the person making such statements. You are\nstrongly cautioned not to place undue reliance on forward-looking statements.\nGAM Alternatives is part of ‘GAM Investments’ which is a division within\nthe GAM Holding AG Group.\n\nAttachments\n*     Saporta_Albert_GAM UK_2000x2556px\n(https://ml-eu.globenewswire.com/Resource/Download/0a63c8b0-c3c4-4f46-b982-f52a2fcf362c)\n  \n*     Randel Freeman, Co-CIO GAM Alternatives\n(https://ml-eu.globenewswire.com/Resource/Download/8709a19e-4675-4684-b902-70c4893c7561)\n  \n*     GAM_Alts_Press_Release_LT_IPX_Activist_En\n(https://ml-eu.globenewswire.com/Resource/Download/1b5f6427-310c-4dec-a709-70ffe34b0c6e)"},"type":"article","timestamp":"2026-07-14T06:21:11.149301824Z","server_sent_at_ms":1784010071149},"received_at":"2026-07-14T06:21:11.201Z","source_url":"https://www.globenewswire.com/news-release/2026/07/14/3326580/0/en/GAM-special-situations-managers-cross-5-ownership-threshold-in-Liontrust-and-build-a-position-in-Impax-citing-continued-engagement-and-deep-undervaluation.html"},"analysis":{"id":"76300","press_release_id":"87246","analysis_json":{"industry":{"label":"Capital Markets","sector":"Financials"},"redFlags":[],"eventType":"operations_update","narrative":"GAM's Special Situations investment portfolios disclosed crossing a 5% ownership threshold in Liontrust Asset Management while building a roughly 2.2% position in Impax Asset Management.\n\nPortfolio managers Albert Saporta and Randel Freeman criticized Liontrust's management for value destruction and excessive compensation, citing an 80%+ drop in the stock price since 2021.\n\nImpax was described as extremely undervalued at 0.60% of AUM with a cash surplus of GBP 64.7m, potentially positioning it as a consolidation target in the UK fund management industry.","sentiment":"neutral","agentHooks":{"shouldPost":false,"suggestedAngle":"GAM Special Situations takes activist stakes in UK asset managers Liontrust and Impax."},"keyFigures":{"customDimensions":{"gam_aum":"CHF 12.5 billion","impax_ownership":"about 2.2%","impax_cash_surplus":"GBP 64.7m","impax_stock_decline":"about 90%","liontrust_ownership":"over 5%","liontrust_stock_decline":"80%+","liontrust_previous_interest":"3.6%"}},"quotedText":"management seemed to have embarked on a value destruction enterprise with a string of acquisitions and wrong strategic choices","namedEntities":{"people":[{"name":"Albert Saporta","role":"Co-Portfolio Manager"},{"name":"Randel Freeman","role":"Co-Portfolio Manager"},{"name":"Colin Bennett","role":"Media Relations"}],"products":["Special Situations Investment Portfolios","GAM Alternatives"],"companies":[{"name":"Liontrust Asset Management PLC","ticker":"LON:LIO","relationship":"portfolio holding"},{"name":"Impax Asset Management","ticker":"LON:IPX","relationship":"portfolio holding"}],"dollarAmounts":[{"amount":"GBP 64.7m","context":"Impax cash surplus (FYE 30 September 2025)"},{"amount":"CHF 12.5 billion","context":"GAM assets under management (as at 31 December 2025)"}]},"materialImpact":{"score":2,"reasoning":"Update on portfolio positions and activist engagement strategy for GAM's Special Situations business unit. No direct financial impact or event affecting GAMH's corporate structure reported."},"tickerRelevance":{"others":[{"ticker":"LIO","relevance":"portfolio holding"},{"ticker":"IPX","relevance":"portfolio holding"}],"primary":"GAMH"},"globalImportance":15,"audienceRelevance":20,"eventTypeSecondary":[],"importanceComponents":{"tickerTier":"small-mid-cap","eventGravity":"portfolio-update-activist-disclosure","sectorWeight":"financials"}},"event_type":"operations_update","event_type_secondary":null,"sentiment":"neutral","material_impact_score":2,"narrative":"GAM's Special Situations investment portfolios disclosed crossing a 5% ownership threshold in Liontrust Asset Management while building a roughly 2.2% position in Impax Asset Management.\n\nPortfolio managers Albert Saporta and Randel Freeman criticized Liontrust's management for value destruction and excessive compensation, citing an 80%+ drop in the stock price since 2021.\n\nImpax was described as extremely undervalued at 0.60% of AUM with a cash surplus of GBP 64.7m, potentially positioning it as a consolidation target in the UK fund management industry.","key_figures":{"customDimensions":{"gam_aum":"CHF 12.5 billion","impax_ownership":"about 2.2%","impax_cash_surplus":"GBP 64.7m","impax_stock_decline":"about 90%","liontrust_ownership":"over 5%","liontrust_stock_decline":"80%+","liontrust_previous_interest":"3.6%"}},"named_entities":{"people":[{"name":"Albert Saporta","role":"Co-Portfolio Manager"},{"name":"Randel Freeman","role":"Co-Portfolio Manager"},{"name":"Colin Bennett","role":"Media Relations"}],"products":["Special Situations Investment Portfolios","GAM Alternatives"],"companies":[{"name":"Liontrust Asset Management PLC","ticker":"LON:LIO","relationship":"portfolio holding"},{"name":"Impax Asset Management","ticker":"LON:IPX","relationship":"portfolio holding"}],"dollarAmounts":[{"amount":"GBP 64.7m","context":"Impax cash surplus (FYE 30 September 2025)"},{"amount":"CHF 12.5 billion","context":"GAM assets under management (as at 31 December 2025)"}]},"model_name":"glm-4.7","prompt_hash":"sha256:727b4b9429a443af","schema_hash":"sha256:05005c02d9cffac9","created_at":"2026-07-14T06:29:27.697Z","global_importance":15,"audience_relevance":20,"importance_components":{"tickerTier":"small-mid-cap","eventGravity":"portfolio-update-activist-disclosure","sectorWeight":"financials"}},"durationMs":185148,"modelName":"glm-4.7"}}