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UK hedge fund GAM tightens redemption controls

Reuters – 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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