(Bloomberg) -- GAM Holding AG agreed to buy Cantab Capital Partners LLP for $217 million in cash and deferred payments based on future revenue from fees.
The acquisition enables Zurich-based GAM to introduce a computer-driven trading system focused on long-only and alternative strategies, the Zurich-based asset manager said in a statement Wednesday.
Cantab Capital, a firm based in Cambridge, U.K. with $4 billion in assets under management, uses mathematical models to decide when and which securities to buy and sell.
“We have been evaluating how best to enter the systematic space for the past 18 months,” GAM Chief Executive Officer Alexander Friedman said. “The market turmoil following the U.K. referendum last week has only reinforced our determination to pursue, and deliver on, our strategy of diversification and long-term growth.”
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