It shall not be confused with GAM the multinational investment unit of UBS AG, a multinational financial firm formed in 1998 from the merger of Union Bank of Switzerland and the Swiss Bank Corporation. On September 5, 2005 UBS agreed to sell 3 of its Private Banks & GAM unit to Julius Baer Group for an implied value of CHF 5.6 billion consisting of CHF 3.8 billion in cash and cash equivalents as well as a 21.5% stake in the enlarged Julius Baer. The stake has an implied value of CHF 1.8 billion. The unit comprises the three private banks, Banco di Lugano, Ehinger & Armand von Ernst and Ferrier Lullin as well as specialist asset manager GAM. -wiki- -