GAM Single-Manager Hedge Funds Drive Q1 Inflow

Apr 13 2010 | 10:19am ET

GAM Holding is finally growing again, but its flagship funds of hedge funds have yet to join the renaissance.

The Swiss firm said its assets under management increased 5% in the first quarter to 119.1 billion Swiss francs (US$112.4 billion). While GAM’s funds of funds continued to suffer outflows—at a lower rate, it must be said, that last year—its single-manager hedge funds performed well enough and attracted enough new money to cover that loss and then some.

Much of the increase came in GAM’s fixed-income hedge funds. Augustus Asset Managers, the GAM subsidiary that manages its fixed-income hedge funds, had the largest inflow in the quarter.

GAM called the inflows to its hedge funds “encouraging.”

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