Sunday, 26 February 2017
Last updated 1 day ago
Jun 5 2014 | 9:03am ET
GAM Holding is nearing a deal for a U.S. hedge fund that has enjoyed strong performance but which has struggled to raise money.
The Swiss fund of hedge funds is in advanced talks with New Jersey-based Singleterry Mansley Asset Management. A deal could come as soon as this week, The Wall Street Journal reports.
Singleterry Mansley’s five-year-old Beachwood Total Return Fund hasn’t yet suffered a down year, rising another 3% in the first quarter. But it also appears stuck at about $400 million in assets.
A deal with GAM would leave management of the fund with firm founders Gary Singleterry and Tom Mansley, with GAM taking over marketing to boost its capital base.
GAM has some $129 billion in assets under management.