UK hedge fund GAM tightens redemption controls
Friday, December 26, 2008 : PermalinkReuters – British fund manager GAM on Wednesday said it had moved to restrict investor redemptions to once a quarter rather than once a month in its funds of hedge funds amid turmoil in the industry.
A spokeswoman for GAM, which is owned by Swiss bank Julius Baer, confirmed the move after an earlier report in the Financial Times.
GAM which runs long-only and hedge funds has seen assets under management decline by about a third this year.
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