Pension SuperFund Capital has reported an “inadvertent breach” of one of the rules of City Code on Takeovers and Mergers in its announcement on 8 September about its offer for SIPP provider STM Group.

The battle for struggling Swiss fund manager GAM took unexpected turn today after investor group NewGAMe and Bruellan made a partial counter offer to Liontrust’s bid, valuing the company higher than the original offer.

Swiss bank and wealth manager UBS has completed its £2.5bn takeover of troubled rival Credit Suisse to create a wealth management giant with approximately £3.8bn of invested assets.

Senior portfolio managers at Swiss asset manager GAM Investments have said they support proposed takeover by British Liontrust Asset Management, which is planned to be completer later in the year.