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Hedge fund firm GAM planning distressed fund

Mon Oct 6, 2008 10:50am EDT

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LONDON, Oct 6 (Reuters) - GAM, the hedge fund firm owned by Julius Baer AG (BAER.VX), said it is preparing to launch a distressed debt fund of funds after watching asset prices reach "extreme levels".

In a letter to investors seen by Reuters on Monday, GAM chief executive David M Solo said: "We are completing a thorough review of a range of the best managers in the U.S. and Europe so as to create a diversified vehicle to benefit from this unique opportunity."

A source familiar with the plans indicated that a launch for the fund has been mooted for the end of this year or early in 2009, although that was subject to change. The source could give no figure for target assets under management. (Reporting by Joel Dimmock; Editing by Paul Bolding)


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