GAM today announced the sale of its fund administration business in the Cayman Islands to JTC Group, a provider of institutional and private client services.
GAM’s Private Labelling business has been offering fund and outsourcing solutions to third parties since 1992, mainly out of Switzerland. The disposal of the Cayman fund administration business reflects the company’s intention to focus on its role as general contractor for private label solutions and the provision of management company services for funds domiciled in Europe. It is also in line with the announcement made at the half-year results presentation in August to focus GAM’s activities on its core strengths within Investment Management and the private labelling business.
The team in Cayman, which consists of 14 staff in total, will transfer and continue to be employed with JTC Group. Once approved by the local regulator, all business activities will transfer to JTC. The transaction is expected to close in late 2015. The impact on the Group’s assets under management and the 2015 financial results is immaterial.
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GAM is one of the world’s leading independent, pure-play asset managers. It provides active investment solutions and products for institutions, financial intermediaries and private investors, under two brands, GAM and Julius Baer Funds. Its core investment business is complemented by private labelling services, which include fund administration and other support services to third-party institutions. GAM employs over 1,000 people in 11 countries with investment centres in London, Zurich, Hong Kong, New York, Lugano and Milan. The investment managers are supported by an extensive global distribution network.
Headquartered in Zurich, GAM is listed on the SIX Swiss Exchange and is a component of the Swiss Market Index Mid (SMIM) with the symbol ‘GAM’. The Group has assets under management of CHF 124.2 billion (USD 132.8 billion)*.
* Source: GAM. Data as at 30 June 2015.
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