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Swiss asset manager GAM to liquidate suspended funds

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Swiss asset manager GAM to liquidate suspended funds

GAM Holding AG's GAM Investments informed investors that it intends to liquidate its suspended unconstrained/absolute return bond funds, subject to regulatory and fund shareholder approvals and any relevant fund rules.

"We believe that the liquidation approach will allow investors the opportunity to receive proceeds in a more timely manner and ensure equal treatment," the Swiss asset manager said, adding that all fund shareholders are expected to periodically receive their proportionate interest in cash as it becomes available throughout the liquidation process.

GAM previously suspended all subscriptions and redemptions in the funds following a high level of redemption requests after the suspension of investment director Tim Haywood, which followed an investigation into his risk management procedures and record keeping.

The company also said it is looking into setting up alternative structures for clients who want to keep investing with its absolute return bond fund team.