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GAM sees AUM drop 10% after manager suspension

GAM has seen its assets under management drop CHF 17bn (£13.2bn) in the three months to the end of September this year.

The Swiss group says the unconstrained/absolute return bond strategies contributed CHF 10.8bn (£8.4bn) to the outflows after an internal investigation into the conduct of its manager Tim Haywood was sparked by an internal whistleblower in response to media speculation.

His suspension led to the group liquidating nine of the funds he ran.

Group chief executive Alexander Friedman acknowledged the suspension of Haywood marked a setback for GAM.

He said: “We are taking immediate and near-term measures to support GAM’s profitability. We have a stable and diversified business that we continue to build upon and we remain fully focused on delivering the investment returns expected by our clients.”

Despite the outflows, performance remains strong for the group. Almost 70 per cent of investment management assets in funds outperformed their respective benchmark over a three-year period to the end of September (compared with 56 per cent as at 30 June this year) according to Morningstar data.

Excluding the ARBF strategies, fixed income outflows totalled CHF 2.6bn (£2bn), equity outflows reached CHF 1.1bn (£850m) while GAM’s systematic strategies saw net inflows of CHF 100m (£77m).

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