GAM puts cap on funds

GAM is to cap three of its multi-manager hedge funds after strong inflows over the past few months. GAM Diversity II, GAM Multi-Macro and GAM Multi-Arbitrage will all be capped. David Smith, chief investment director of GAM’s multi-manager team, says: “It is GAM’s priority to protect the interests of our existing clients rather than accumulate assets. We continue to identify talented new managers and expect to announce further additions to our multi-manager range in the future.” Diversity II will be capped when it reaches $2.25bn. It is currently $1.77bn. Multi-Macro will be capped at $250m; it is now $232m in size. The Multi-Arbitrage fund will cap at $300m and is now valued at $228m. The caps on Multi-Macro and Multi-Arbitrage will be reviewed in future. GAM Diversity III was launched in October 2003.