GAM prepares to soft close two funds as strategy approaches target of £1bn

GAM is preparing to soft-close two of its most recently launched funds, Star Global Rates and Star Discretionary FX.

The funds are versions of a hedge fund strategy that the group converted to Ucits III and brought to the retail market late last year. The overarching strategy is now within £67m of reaching its £1bn capacity. Inflows into each fund could cause the umbrella strategy to hit its target by the end of this month, says Craig Wallis, GAM’s group head of institutional and fund distribution. The strategy will then take in just £13m a month, and as much as recycling redemptions allows. Manager Adrian Owens will assess how well the strategy performs at capacity. “It is a pause for consolida...