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The Swiss badet manager GAM had to deal with Tim Haywood's suspension and the liquidation of his funds in the third quarter. Assets under management increased from 163.8 billion Swiss francs (143 billion euros) to 146.1 billion francs (128 billion euros) in the space of three months, according to the listed badet manager.
Customers deducted 5.3 billion additional francs (4.6 billion euros) from other GAM portfolios following the liquidation of ARBF funds managed by Haywood. The liquidation of the fund generated cash outflows of 10.8 billion Swiss francs (9.4 billion euros). According to the company, the weak development of the market cost GAM 1.5 billion francs (1.3 billion euros) more.
No news from Haywood
"The consequences of the suspension of an investment director of the ARBF have been a distinct setback for GAM and we are implementing immediate measures to support the profitability of GAM, and we have a stable and diverse company on which to build, and we are always fully focused on achieving the investment returns expected by our clients, "said Alexander S. Friedman, general manager of GAM, commenting on these figures, which however, have no details on profits or losses.
Haywood future information and other information about the suspension of the manager can not be found in the release. However, about a month ago, GAM had confirmed that a colleague from Haywood had contacted management. On this occasion, Haywood invested in largely illiquid debt securities of companies of the Indian-British entrepreneur Sanjeev Gupta (report published by FONDS professional ONLINE).
Does GAM check its own sales?
The Investment Manager reports on progress made in liquidating the ARBF portfolios. Until now, between 82% and 91% of the badets of the Luxembourg and Irish UCITS funds and between 66% and 72% of the feeder funds have been repaid to the Cayman Islands and Australia (the details of the funds are available here at FONDS professional ONLINE). "The remaining badets will be liquidated in the coming months, depending on market conditions, and GAM is planning new distributions to investors in the fourth quarter of 2018," writes the badet manager.
The company also emphasizes that it will do everything to ensure that shareholders do not suffer any disadvantage. The financial portal Finews interprets this statement in order to examine internally a self-sale of the company. Corresponding rumors circulated for about two weeks.(Jb)
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