GAM has reassured shareholders its immediate focus is to take action to "support profitability" in the wake of the termination of the unconstrained absolute return bond (ARBF) strategies, as it reported group assets under management (AUM) declined by CHF 17.7bn for the three-month period to 30 September 2018.
The firm decided to liquidate the suspended ARBF range in the summer on the back of high levels of redemption requests following the suspension of manager Tim Haywood. Haywood, who is the business head for the unit was suspended on 31 July following an internal investigation into issues relating to his risk management procedures and record keeping. In an interim management statement released this morning, the group said overall AUM had declined 10.8% from CHF 163.8bn to CHF 146.1bn, while AUM in its investment management arm had seen a drop from CHF 84.4bn to CHF 66.8bn, which was "dr...
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