GAM is reportedly planning to close a long only fund after receiving redemption notices for more than 50% of the net asset value.

The GAM Star International Equity Fund will close its doors on Oct. 13, Reuters reports. The fund managed some $18.5 million as recently as last month, but is down to just $6.1 million. GAM said the fund’s current size is “no longer considered viable particularly as the fund's manager, Sean Taylor, was relocating to GAM's Dubai office to focus on managing his existing emerging market portfolios, which stand in excess of US$500 million.”

The firm said it recently added to its stable of in-house managers and hired investment director, Mark Hawtin, who will shortly manage an international equity mandate.

Shareholders have been given the option of getting their money back or investing it in another fund in the Star range without charge.