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Information on ARBF

100.5%*of portfolio value being returned to investors

The announcement of the receipt of all the proceeds from the sales of its remaining ARBF investments marks an important milestone for GAM. Our key priority was and will always be to safeguard the interests of our clients and we are pleased to return 100.5% of portfolio value* to them.

We will continue to focus on areas where we differentiate ourselves and have clear investment expertise with the goal to deliver non-traditional sources of return. This, together with our strong distribution footprint, will help us to best meet our clients’ needs across the globe.

Please see below a brief message from David Jacob, Member of the Board of Directors (and Chairman of the BoD as from 1 October 2019) and Head of Sales and Distribution, Tim Rainsford, commenting on the ARBF liquidation.

I am confident that our business is emerging stronger as a result of the challenges we faced, and our teams remain as dedicated as ever to creating value and delivering excellent service for our clients.
David Jacob, Member of the Board of Directors (and Chairman of the BoD as from 1 October 2019)

ARBF pay-out percentages – Ireland-domiciled funds

ARBF pay-out percentages – Cayman-domiciled funds

ARBF pay-out percentages Luxembourg-domiciled funds

Press Release (EN)

15 July 2019

Press Release (DE)

15 July 2019

Press Release (ES)

16 July 2019

Press Release (FR)

16 July 2019

Press Release (IT)

16 July 2019

Focus areas and actions

Areas of focus

- Remain focused on our clients and helping them achieve their investment objectives by focusing on truly active management of differentiated investment strategies     

- Use the benefits of not having a “house view” while at the same time reduce complexity by simplifying our operational systems and processes

- We foster a strong culture based on collaboration, loyalty and honesty which can help to detect wrongdoing

- Commitment to a strong control environment continuous enhancement to our three lines of defence framework, including a best practice approach for whistle-blowers who must be heard and protected at any time

- Maintaining a strong dialogue with our employees listening and encouraging feedback across GAM creates a collaborative environment

Continuous enhancements over the past years

- Governance review – review the consistency and operation of each functions’ processes and controls to drive best practice across the firm

- Chief Risk Officer and Group Head of Compliance reporting directly to the CEO

- New BoD risk committee with effect from 2019 AGM

- Strengthened our two-signatory policy by taking steps to ensure that portfolio managers are not directors of any of our investment advisory entities unless required by regulation

- Creation of a new Group policy framework refreshing policies and providing training with particular focus on gifts and entertainment, whistle-blowing and conflicts of interests

- Continue to act rigorously on misconduct without exception

Enhancements to our three lines of defence over the last couple of years

3 lines of defence

1st line of defence

2nd line of defence

3rd line of defence

  • New group head of investments
  • New group head of front office controls
  • New global head of trading
  • Centralised dealing function
  • Enhanced operating procedures within each investment team
  • Separation of legal and compliance with heads reporting to group CEO
  • Strengthened compliance function in the fields of financial crime prevention, conflicts of interest, regulatory advice and development, and compliance oversight
  • Hired senior experts in the roles of global head of investment risk oversight and global investment controlling and investment analytics team consolidated in risk function
  • Reorganised legal function with leadership roles across UK, Continental EU and the US
  • New head of internal audit and recruitment of audit managers with investments and IT expertise
  • Closer collaboration with 1st and 2nd lines of defence
*Calculated as at 15 July 2019, representing the AuM-weighted average of the amount of each fund to be returned to investors as percentages of the net asset value of the relevant fund as at 3 September 2018 for Luxembourg and the Cayman funds and as at 4 September 2018 for the Ireland funds. The percentage of assets to be returned to investors range between 99.7% and 101.5% depending on the respective fund in question. These numbers are not final and may be subject to slight changes.


Important legal information
The information in this document is given for information purposes only and does not qualify as investment advice. Opinions and assessments contained in this document may change and reflect the point of view of GAM in the current economic environment. No liability shall be accepted for the accuracy and completeness of the information. Past performance is no indicator for the current or future development.

Investments should be made only after thorough reading of the current statutory prospectus and/or the fund regulations, the KIID, the articles of association and the current annual and semi-annual report and following advice from an independent finance and tax specialist.