GAM's Hepworth replaces GARS with 'more nimble' fund

Charles Hepworth, investment director in charge of the DFM proposition at GAM, is selling his stake in Standard Life Investments' Global Absolute Return Strategies (GARS) fund on size concerns.

Euan Munro, architect of the strategy, left the business in the summer to join Aviva Investors as chief executive, but in its Q3 results, Standard Life Investments said GARS has continued to see inflows despite his exit. However, Hepworth said flexibility was key in the absolute return space, and as such he has opted for a much smaller fund. “GARS is getting bigger and bigger,” Hepworth said. “Although they seem to be able to manage it, the flexibility and nimbleness you need in that space is better served through a more boutique name.” Hepworth is moving his absolute return exposu...