GAM may face further woes as Swiss stock exchange SIX seeks to sanction it for an alleged accounting misdemeanour.

SIX Exchange said an investigation found “alleged deficiencies” and a “potentially material misstatement” relating to GAM’s 2016 purchase of hedge fund Cantab Capital Partners.

The matter relates to the recognition of future performance fee payments as a financial liability.

GAM said in a statement that it “takes financial reporting very seriously [and] disagrees with the position taken by SIX. It said that when it acquired Cantab, 40 percent of all future performance fees were retaine...