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Redemption requests hit 10% in trouble-hit GAM bond funds

Swiss fund manager, which suspended the funds' manager on August 2, writes to investors with reassurance

Redemption requests hit 10% in trouble-hit GAM bond funds

GAM, the Swiss fund manager forced to suspend trading in several of its bond funds, has received withdrawal demands from investors holding more than 10% of the funds’ assets — or CHF730m.

Senior management at the crisis-hit fund manager published a letter to investors in the funds on August 3, aimed at containing the fallout from the firm’s July 31 suspension of Tim Haywood, the funds’ manager.

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