Five GAM funds with the biggest net outflows in 2018

Citywire Selector looks at strategies that lost the most over the course of GAM’s annus horribilis.

Following a challenging 2018, GAM has reported a CHF 28.3 billion reduction in assets under management.

The biggest impact was felt by the absolute return bond fund range, which experienced outflows of CHF 11 billion, with Tim Haywood being dismissed by the firm.

However, those absolute return funds aside, the firm was also hit by outflows of CHF 10.5 billion across its fixed income and absolute return sectors.  

Over the next slides, Citywire Selector takes a closer look at the funds with the biggest outflows from February 2018 to the end of January 2019 according to Citywire data.

Following a challenging 2018, GAM has reported a CHF 28.3 billion reduction in assets under management.

The biggest impact was felt by the absolute return bond fund range, which experienced outflows of CHF 11 billion, with Tim Haywood being dismissed by the firm.

However, those absolute return funds aside, the firm was also hit by outflows of CHF 10.5 billion across its fixed income and absolute return sectors.  

Over the next slides, Citywire Selector takes a closer look at the funds with the biggest outflows from February 2018 to the end of January 2019 according to Citywire data.

5. GAM Star Continental European Equity

Net outflows: £598 million  (€689 million)

Assets at start: £1.78 billion (€2.05 billion)

Assets at end: £951 million (€1.01 billion)

Fund manager: Niall Gallagher (pictured)

Total return over the past three years to the end of January 2019: 0.0% (in euro terms)

Total return of the average manager in the sector: 12.8% (in euro terms)

 

 

4. GAM Multistock - Japan Eq

Net outflows: £803 million (€925 million)

Assets at start: £1.26 billion (€1.45 billion)

Assets at end: £453 million (€522 million)

Fund managers: Ernst Glanzmann (pictured), Reiko Mito*

Total returns over the past three years to the end of January 2019: 10.9% (in Japanese yen terms)

Total return of the average manager in the sector: 13% (in Japanese yen terms)

*Carlo Capaul and Stefan Fröhlich, who were also listed as fund managers of the fund, have since left the firm.  

3. GAM Multibond - Local Emerging

Net outflows: £1.01 billion (€1.17 billion)

Assets at start: £7.45 billion (€8.59 billion)

Assets at end: £6.57 billion (€7.57 billion) 

Fund manager: Paul McNamara (pictured)

Total return over the past three years to the end of January 2019: 24% (in USD terms)

Total return of the average manager in the sector: 20.1%

 

 

2. GAM Star Credit Opportunities (EUR)

Net outflows: £1.14 billion (€1.32 billion)

Assets at start: £3.63 billion (€4.19 billion)

Assets at end: £2.52 billion (€2.91 billion)

Fund managers: Grégoire Mivelaz, Anthony Smouha (pictured)

Total return over the past three years to the end of January 2019: 14.8% (in euro terms)

Total return of the average manager in the sector: 5.6%

 

 

1. GAM Star Credit Opportunities (USD)

Net outflows: £2.17 billion (€2.50 billion)

Assets at start: £5.49 billion (€6.33 billion)

Assets at end: £2.65 billion (€3.06 billion)

Fund managers: Grégoire Mivelaz, Anthony Smouha (pictured)

Total return over the past three years to the end of January 2019: 18.4%

Total return of the average manager in the sector: 8.5%

 

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