The fund was originally capped in February 2004 because of a high rate and volume of subscriptions. The decision to restrict inflows into the portfolio was aimed at protecting existing investors and providing a consolidation period to safeguard investment strategies, according to the group.However since it capped the fund last year, GAM has added further capacity to its arbitrage team. This includes three investment managers, three investment analysts and six operational risk personnel, 11 of whom are based in London. It was this move in particular that allowed the group to reopen its hedge funds to further investment. In January, the group reopened eight other funds of hedge funds to subscription, including its Multi-China fund, Multi-Long/Short fund and Multi-US fund. After the Multi-Arbitrage fund is reopened, its minimum initial subscription will be increased to £15,000, with minimum subsequent investments set at £7,500. GAM has also made minor operational changes to the fund’s share class names. From March 30, the classes will be known as the USD Open class, EUR Open class, GBP Open class and CHF Open class. GAM has decided to limit the total value of subscriptions per dealing day to between $30m and $50m (£15.5m and £26m) to avoid exceeding capacity in the fund’s underlying holdings. In the year to January 31, the dollar share class of the fund returned 6.32%, compared with a 4.06% return from the S&P 500 index.