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GAM closes global convertible bond fund

GAM closes global convertible bond fund

GAM has liquidated its global convertible bond fund after the Dublin-domiciled fund failed to reach an economically viable level, Citywire Global has learned.

The GAM Star Global Convertible Bond fund was launched in December 2010 and run by Ben Helm and Alex McKnight.

According to the fund factsheet for April 2015, the absolute return bond fund had €145.7 million in assets under management at the time of closure.

It is understood the fund, which saw assets fall to around €133 million prior to the fund closing on May 20, was viewed as being too small to run effectively.

The convertible team will remain with the group and continue to manage the convertible bonds investment aspect of the JB BF Absolute Return fund.

This €5.34 billion fund, which sits within the Alternative Ucits – Bond Strategies sector, is co-managed by Tim Haywood and Daniel Sheard.

The GAM Star Global Convertible Bond fund returned 18% in US dollar terms over the three years to the end of April 2015. The average manager in the Bonds – Absolute Return sector returned 7.7% in US dollar terms over the same period.

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