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GAM to return money to investors in troubled bond funds

Tim Haywood, the funds' manager, was suspended for possible compliance breaches on July 31

Alexander Friedman, chief executive officer of GAM
Alexander Friedman, chief executive officer of GAM Photo: Getty Images

GAM, the troubled Switzerland-based asset manager, has decided to liquidate the bond funds it was forced to suspend trading in last week following the suspension of one of its high-profile managers.

A letter to investors posted on GAM’s website on Friday afternoon from Tim Rainsford, GAM’s group head of sales and distribution, said the decision to return money to clients in nine funds had been taken by the respective boards of directors.

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