News - Regulation
The Financial Services Authority (FSA) has warned investors against dealing with a clone of asset manager GAM.
The unauthorised Global Asset Management claims to have been operating out of Hanover Square, London, and is believed to have been targeting UK consumers.
However, the FSA said that company had nothing to do with the authorised GAM London Limited/Global Asset Management, based in St James' Place, London.
The FSA also reminded the public they would have no recourse to the Financial Ombudsman Service or Financial Services Compensation Scheme if they invested with the cloned firm.
On its website, the authorised GAM said: "Please be aware that any material, and/or communication relating to an equities division located in Hanover Square does not relate to GAM.
"As a fund management company, we do not give single stock recommendations to our clients."
The company has become the latest high profile victim of cloning, with Savoy Investment Management, Axa Rosenberg and St James's Place among the previous targets.
In a number of cases, the cloned companies have used the same FSA reference numbers and actual names of authorised staff.
Categories: Regulation
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