Bantleon continues to reduce its stake in crisis-hit asset manager GAM, with its holding falling below 3 percent as of February 3, according to a media release on Thursday evening.

The asset manager, based in Germany and Switzerland, has been steadily reducing its stake in the Swiss firm. On October 10 the major shareholder reduced its GAM shareholding below ten percent, and on January 26, it reduced it further to a stake below five percent.

GAM expects a significantly higher loss for fiscal 2022 after strong asset outflows, finews.com reported in January. A net loss of 309.9 million was the guidance given.