Investment manager GAM, headquartered in Zurich, has announced it will be closing five funds managing a total of €258m in assets.
The funds that will close include GAM Star (Lux) European Alpha, GAM Absolute Return Europe Equity, GAM Star (Lux) European Momentum, GAM Star (Lux) Global Alpha, and GAM Star (Lux) Convertible Alpha. In a statement, the firm said that it expected to complete an "orderly closure" and return all the money in the funds to clients in a few weeks. Gianmarco Mondani, co-manager of three of the closing funds and head of the non-directional equity team in Lugano, is leaving the firm. GAM has said that it is likely around 16 employees working in Lugano will also have their jobs cut, includ...
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