The restructuring of the embattled asset manager's fund business is taking shape, with several funds and investment managers being handed over to competitors.
The investment team of GAM's Global Rates Strategy is moving to UK-based fund management company Investcorp-Tages (IVCT), according to a press release sent by the Swiss asset manager on Monday. Although the team will move, it will continue to manage the strategy for GAM as a delegated investment manager.
The transition is expected to be complete by the beginning of 2024. After that, the fund will be co-branded and continue to be distributed by GAM, although IVCT will also provide it on its client channels. Above and beyond that, the two parties will look at other opportunities for collaboration, the announcement indicates.
More Goodbyes
GAM also said that it had agreed with Jupiter Asset Management to transfer its UK Equity Income fund along with two portfolio managers. As part of the agreement, in early 2024 Jupiter will be the delegated investment manager for roughly six months after which it will be fully transferred to Jupiter with a 12-month revenue-sharing arrangement.
GAM also intends to offer a private shares strategy for the European market and the UK in the first quarter of 2024. It will be managed by US-based Liberty Street Advisors.
Bidding War
An investor group led by French telecommunications entrepreneur Xavier Niel and his holding company NJJ won a bidding war with UK's Liontrust, with the asset management then showcasing its turnaround plan in October.
Clients have been positive about Niel's commitment, with it believed to provide a platform for future growth.
