GAM Closes Funds, Restructures Lugano Office After Key Departures
GAM, the Swiss asset management firm, is closing several funds and restructuring its Lugano office. This move comes after the departure of Gianmarco Mondani, the former head of the non-directional equities team, and potential exits of up to 16 out of the current 20 employees.
The closed funds, totaling around 258 million euros in assets, include Star European Alpha, Absolute Return Europe Equity, Star European Momentum, Star Global Alpha, and Star Convertible Alpha. GAM plans to return all funds to customers within a few weeks.
Mark Hawtin's equities team, which manages approximately 2.5 billion USD, will absorb some of the Lugano team's members. Jian Shi Cortesi, Swetha Ramachandran, and Roberto Bottoli are among those moving to Hawtin's team. However, some Lugano employees may need to find new jobs due to the fund closures. The new head of the non-directional equity team in Lugano, where three employees remain, has not been publicly named.
GAM's fund closures and restructuring in Lugano follow the departure of key personnel. The firm is working to reallocate affected employees and return funds to customers. The future of the Lugano office and its remaining employees remains uncertain.
