Assets in the GAM Japan Growth fund, once managed by Paul Kirkby, have slumped from £31.8m in August...
Assets in the GAM Japan Growth fund, once managed by Paul Kirkby, have slumped from £31.8m in August 2000 to its current level of £6.3m.
Following Kirkby's departure from the group last year, a number of high-profile multi- manager clients left the fund, including Rothschilds.
GAM Japan Growth, one of the first funds to be Oeiced in June 1997, is now managed by Mike Bunker, who also runs the Dublin-based $630m GAM Star Tokyo fund and the British Virgin Islands registered, GAM Japan fund.
Martin Harrison, client director at GAM, said the company is not considering closing the fund.
He added: 'We have multi- manager investors in this fund who are unable to invest in GAM Star Tokyo because of clauses in their constitutions which prevent them from investing in non UK authorised funds.
'It does not really cost us any extra to run this fund in addition to the others, as it's run by the same manager using the same investment process. We're also confident that the Japanese market will turn at some point and as and when it does, we will start to see assets flowing back into this fund.'
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