U.K. money manager Liontrust Asset Management is in talks to acquire Swiss manager GAM, Liontrust said in a statement Tuesday.
Liontrust proposed acquiring the firm to GAM's board.
"There can be no certainty that this will lead to a formal offer in respect of the proposed acquisition, nor as to the timing or terms of any such offer, and there can be no assurance that, even if agreement is reached, any such proposed acquisition would be completed," the statement said.
Liontrust has £33.8 billion ($42 billion) in assets under management and administration, and would add about $26 billion in AUM from GAM.
GAM confirmed Tuesday that it was approached by Liontrust.
"The board is working tirelessly on options to ensure that the firm is strategically positioned in the best interests of all stakeholders," GAM said in a separate statement.