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GAM manager exits after multi-asset fund is liquidated

GAM manager exits after multi-asset fund is liquidated

Swiss asset management froup GAM has closed its multi-asset mandate, the JB (CH) Defender Asset Allocation fund,

Fund manager Michael Zbinden left the company earlier this month.

The decision was made due to the similarity of the strategy to GAM's Star Target Return and the GAM Star Target Return Plus funds, where were launched in April 2016.

According to a spokesperson for the group, the latter strategies have more flexibility to implement long/short investment ideas.

Michael Zbinden began managing the fund in April 2014. He was also looking after the Julius Baer Inst TOP Fund D, which is now run by Thomas Rauch, a member of the GAM Multi Asset Class Solutions team based in Zurich.

His euro bond fund, the Julius Baer Asset Allocation Fund Defender, which was not registered for public destribution in Switzerland, was rolled into the Julius Baer Multi Asset Stratc Allocation fund in November 2016. 

The merged strategy is co-managed by Massimo De Palma, Paolo Mauri Brusa and Antonio Anniballe.

The liquidated JB (CH) Defender Asset Allocation fund was investing in shares, debt securities and short-term liquid assets with options to invest in commodities or real estate. 

The GAM Star Target Return fund and the GAM Star Target Return Plus are multi-asset funds overseen by Larry Hatheway, group head of multi-asset portfolio solutions and chief economist.

These two funds utilise sophisticated factor analytics, quantitative modelling and stress testing used for risk-driven portfolio construction.

The GAM Star Target Return fund returned 3.15% in Swiss frank terms over the past six months to the end of December 2016. Its technical indicator, LCI Mixed Asset USD Conservative returned 1.08% over the same timeframe

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