GAM has brought its long/short equity strategy, Global Selector, back in-house after the boutique overseeing the fund resigned, Citywire Selector has learned.
The fund was assigned to GAM manager Ali Miremadi on 22 January following the resignation of Gifford Combs earlier in the month.
This ended nearly a decade of Combs overseeing the long/short equity fund, which he had run through his Los Angeles-based company Dalton Investments.
GAM confirmed the change in management to Citywire Selector but there was no further information beyond Combs having resigned and Miremadi being assigned.
The GAM Star Global Selector fund has €25.6 million in assets and focuses on a concentrated portfolio of global equities. It is understood that the investment process will not change under Miremadi’s stewardship.
Miremadi joined GAM in 2016 from THS Partners, which is a specialised global equity boutique that had previously served as a sub-adviser to the Swiss asset manager. He has 24 years of investment experience.
This is the latest fund to be brought in-house, after the departure of the sub-adviser from the GAM Star India Equity fund in January. Tim Love, who is Citywire AA-rated, stepped in to manage the fund.
The GAM Star Global Selector fund lost 5.4% in euro terms over the three years to the end of January 2018. This compares with a 5.2% return by the average manager in Alt Ucits – Long/Short Equity sector over the same period.