GAM says it has received proceeds from the sale of remaining assets in funds previously overseen by star bond manager Tim Haywood. This is an important milestone for the beleaguered Swiss asset manager, which is looking to draw a line under a year-long crisis.

In a market update issued by Zurich-headquartered GAM on July 15, the asset manager said the asset sales from its suite of absolute return bond funds would result in an average of 100.5% being returned to clients, meaning they would receive a small premium on the value of their original investment in September 2018.