Saturday, 27 August 2016
Last updated 6 hours ago
Apr 2 2009 | 7:32am ET
GAM has become the latest hedge fund manager to report a dramatic decrease in redemptions, with the Julius Baer hedge fund arm predicting that outflows should end by the second half of this year.
Julius Baer CFO Dieter Enkelmann told the Morgan Stanley European Financials Conference in London that GAM’s withdrawals slowed substantially in the first quarter, as compared to the fourth quarter of last year. What’s more, the firm expects its assets under management to not only stabilize in the second half, but to begin to recover.
GAM’s assets under management fell by almost than half last year. Assets sank to US$39.2 billion at the end of December; GAM managed US$75.8 billion at the beginning of 2008.