GAM's new multi-Europe fund of funds

GAM has launched a new fund of European hedge funds following the style of Multi-Europe dollar and euro funds, managed by David Smith. The new launch, Multi-Europe II, follows the closure to new investments of the initial Multi-Europe offering, due to many of the underlying funds having closed to new investments. Multi-Europe's assets trebled in value last year and to cope with new inflows, it would have had to dilute its core holdings. Multi-Europe achieved a compound growth rate of 55.9% over the 12 months to 29 May as against the MSCI Europe's 12.7%. GAM's multi-manager group covers a ...