GAM Cans Monthly Redemptions

Dec 29 2008 | 3:23am ET

GAM is changing its redemption policy in the wake of a brutal year for the hedge fund.

The firm, owned by Julius Baer, will now offer just quarterly redemptions for most of its fund of hedge funds, instead of monthly. GAM has lost about one-third of its assets under management this year.

GAM’s move was first reported by the Financial Times.

According to the newspaper, GAM will still allow for monthly redemptions for its most liquid vehicles, including strategies such as long-short equity, commodity futures trading and global macro.

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