Billionaire investor George Soros, who rose to fame in the wake of a successful bet against the Bank of England in 1992, disclosed a 3% stake in the Swiss firm GAM Holding AG “after the asset manager lost two-thirds of its value over a scandal involving a former star bond trader.” This according to a recent article in Bloomberg.

The article reports that GAM is “still bleeding assets” to the tune of $28 billion since last year’s suspension of star bond manager Tim Haywood, adding that the firm is now “reviving efforts to sell itself after previous attempts stalled” by gauging interest from banks, asset managers and insurers.

According to the article, “Soros’ motivations aren’t clear but the investment by his family office, which oversees about $25 billion, comes at a time when speculation about mergers in asset management runs high. Many firms are under pressure from an investor flight to cheaper, passive funds.”