Brave Gam faces up to the reality of the star manager culture

Gam's decision to close its Star American Focus fund following the departure of James Abate is a rar...

Gam's decision to close its Star American Focus fund following the departure of James Abate is a rare display of courage in the industry, from a group brave enough to acknowledge that some managers simply cannot be replaced. Abate has proved he has special abilities over many years, most notably on Credit Suisse Transatlantic in its heyday, and it is a mark of a group dedicated to performance when Gam admitted unitholders would not be done justice if a deputy, or even another star manager, was moved into the seat. This is the reaction of a group willing to pay the price for a star manage...