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September 24, 2021

GAM to wind down five funds as part of global equity restructure

By Verdict Staff

Swiss investment manager GAM has decided to close down five funds managing a total of €258m in assets as part of an ongoing global equity restructuring at the firm.

Funds that are set to be closed by the firm include GAM Star (Lux) European Alpha, GAM Absolute Return Europe Equity, GAM Star (Lux) European Momentum, GAM Star (Lux) Global Alpha, and GAM Star (Lux) Convertible Alpha.

According to a statement by the firm, these funds are ‘too small to be managed efficiently or have limited growth prospects.

GAM also said it will carry out an ‘orderly closure’ and return all the money in the funds to clients in a few weeks.

As part of the fund closures, around 15 employees based in Lugano are expected to leave the firm.

These include the investment managers overseeing the closing funds as well as a number of support and operational staff.

Additionally, GAM head of the non-directional equity team in Lugano Gianmarco Mondani will also depart the firm. Mondani was co-manager of three of the closing funds.

GAM also plans to reshuffle its global equities team to boost investment returns for its clients through increased collaboration amongst its investors.

As part of the development, the firm has added Jian Cortesi, Roberto Bottoli, and Swetha Ramachandran to the global equities team lead by Mark Hawtin.

Jian Cortesi managed the GAM Asia Focus and GAM China Evolution Strategies. While Roberto Bottoli was manager of the GAM Star (Lux) Merge Arbitrage Strategy manages GAM’s Luxury Brands Equity strategy.

GAM said in a statement: “GAM is focused on ensuring that it has a portfolio of distinctive investment strategies aligned with clients’ needs. To help deliver the best products and service to our clients, we are continually refining the optimal structure for our teams.”

In May this year, GAM Investments set up a new office in Singapore to capitalise on the growing wealth in the Asian market.

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