GAM has said it expects to return cash to investors in its suspended £5.6bn unconstrained/absolute return bond funds (ARBF) by early September, in an update on its liquidation plans following the suspension of manager Tim Haywood in July.
GAM added it had obtained the necessary approvals to liquidate the range while also outlining plans to launch a UCITS product for investors wishing to remain invested with the team. On 10 August, the firm announced it had decided to liquidate its suspended absolute return bond fund range on the back of high levels of redemption requests following the suspension of manager Haywood. Haywood, who was the business unit head for GAM's CHF 11bn (£8.5bn) AUM unconstrained/absolute return bond strategy, was suspended on 31 July following an internal investigation into issues relating to his...
To continue reading this article...
Join Professional Adviser for free
Signup and gain exclusive members-only insights
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes
