The GAM Multi-Arbitrage fund is the latest to be re-opened to new investment following the recruitme...
The GAM Multi-Arbitrage fund is the latest to be re-opened to new investment following the recruitment of a large number of investment professionals.
The process of hiring new analysts and fund managers is an ongoing one and has already allowed GAM to reopen eight other funds, busting through capacity limits that were previously put in place to prevent fund investment expertise from being spread too thinly.
Mark Dailey, head of public relations and international communication at GAM, said: "By adding capacity through people, it enables more bodies to be looking for investment opportunities as a lack of manpower can lead to capping of funds."
These hires include three investment managers, five investment analysts and six operational risk people. There will only be one investment manager and one analyst who will specifically focus on the Multi-Arbitrage fund, as the recruitment drive is a part of GAM's strategy to increase investment capabilities across its whole range of funds. It is expected GAM will add between seven and 12 new staff.
GAM Multi-Arbitrage was capped in February 2004 to protect existing investors, following the rate and volume of inflows at the time. This was to allow for a period of consolidation in order to protect the desired blend and balance of investment strategies.
GAM expects to meet demand for Multi-Arbitrage, and to ensure that capacity in the fund's underlying holdings is not exceeded, the total value of subscriptions accepted for each monthly dealing day will be limited to between $30m and $50m (net of redemptions). These controls will be exercised in accordance with the prospectus and in the interests of existing shareholders.
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