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Five GAM unit trusts become Oeics

Global Asset Management is transferring five of its UK authorised unit trusts into its UK-based open-ended investment company, GAM Funds.

GAM launched its Oeic last year with the GAM Japan growth fund.

The five unit trusts being transferred are: sterling & international which becomes international growth, North America which becomes North America growth and Far East which becomes Far East growth. The UK diversified fund keeps its name while the sterling European fund becomes European growth.

Mutual funds director Martin Harrison says: "We are supporters of the single pricing provided by Oeics because it stops the problems of widening spreads between buying and selling prices. It is also more attractive because it is simple to understand and enables greater flexibility."

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