GAM has decided to liquidate suspended unconstrained and absolute return bond funds with £5.6bn in AUM, on the back of high levels of redemption requests following the suspension of manager Tim Haywood.
Haywood, who is the business unit head for GAM's CHF 11bn (£8.5bn) AUM unconstrained/absolute return bond strategy (ARBF), was suspended on 31 July following an internal investigation into issues relating to his risk management procedures and record keeping, although the asset manager stressed there were not concerns regarding his honesty. GAM then suspended trading in unconstrained and absolute return bond funds (ARBF) with £5.6bn in AUM last week as a result of the high level of redemption requests following Haywood's suspension. The group has now written to investors to say the re...
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