GAM, the multi-manager division of UBS Global Asset Management, has capped three of its multi-manage...
GAM, the multi-manager division of UBS Global Asset Management, has capped three of its multi-manager funds because of exceptional inflows recently.
The funds affected are GAM Multi-Pacific (dollar and euro classes), GAM Multi-Europe II (dollar and euro classes) and GAM Emerging Markets Multi-Fund. These funds have attracted substantial inflows over recent months and, consequently, are being capped in line with GAM"s strategy of protecting the interests of existing investors, according to the company.
The funds closed to subscriptions at the end of February. GAM Multi-Pacific had taken in $219m, GAM Multi-Europe II $343m and GAM Emerging Markets Multi-Fund $351m.
David Smith, chief investment director of GAM"s multi-manager team, says: "We are capping these funds, as we have capped others, to protect existing investors following the exceptional inflows in recent months. We have reserved capacity in these funds for our managed portfolios business, which continues to grow apace."
The firm said no decision had been taken to re-issue these funds, or ones with similar mandates, but said it was quite likely.
GAM is also looking at other areas, including a trading, a global currency and the GAM diversity III funds.
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