August 10, 2018 / 4:00 PM / 8 months ago

GAM says suspended ARBF funds to be liquidated

ZURICH, Aug 10 (Reuters) - GAM Holding will liquidate nine funds whose trading it halted last month after suspending the investment director who ran them, the Swiss group said in a letter to investors posted on its website on Friday.

“We would like to update you that the respective fund boards of directors have determined to place the suspended unconstrained/absolute return bond funds (ARBF) into liquidation, subject to any applicable regulatory and fund shareholder approvals and any relevant fund rules,” the letter said.

“We believe that the liquidation approach will allow investors the opportunity to receive proceeds in a more timely manner and ensure equal treatment.” (Reporting by Angelika Gruber and Michael Shields; Editing by Jan Harvey)

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