GAM plans launches as group stems redemptions

Fund manager GAM grew its assets under management by 15% in 2009 despite suffering heavy redemptions in the first half of the year.

GAM Holding, which includes asset managers GAM in London and Swiss & Global in Switzerland, saw its assets climb CHF 14.8bn last year to CHF 114bn. It says second half inflows of CHF 800m into products run by GAM were not enough to offset the CHF 4.2bn of redemptions in the difficult first half of the year. However, the group was boosted by its purchase of asset manager Augustus Asset Managers, which added CHF 1.9bn of assets and the listing of Artio in September, which added a further CHF 861m. David Solo, GAM's chief executive, says the group intends to launch a Ucits-compliant f...