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Benedicte Gravrand, Opalesque Europe:

GAM’s main strategy for 2010 has been to transfer a part of its offshore hedge fund expertise to UCITS-compliant funds, GAM’ European sales director Daniel Durrer told Swiss daily paper Le Temps earlier this week.

According to Durrer, GAM likes to invest in a hedge fund manager early, to evaluate his or her ability, and to stay with that manager in the long run. The firm’s selection depends on strategy and on the manager’s ability. Those that are compatible with the UCITS environment and who agree to launch UCITS-compliant products with the GAM brand are the first ones to be distributed. Today, half of GAM’s UCITS funds are managed in-house, using strategies such as equity L/S and global macro.

GAM is a global fund of hedge funds (FoHFs) house with CHF53.1bn (US$ 54.04) in AuM (end-June 2010), investing in 147 hedge funds. It was bought from UBS by Julius Baer in 2005. In September 2009, Julius Baer completed the separation of its private banking and asset management businesses which resulted in the independent listing of GAM Holding AG, the parent of the GAM group, on the SIX Swiss Exchange.

All of GAM’s UCITS III funds performed positively YTD. The best one was GAM Star Keynes Quantitative Strategies, managed by Sushil Wadhwani, with 3% (see our August-10 Opalesque Exclusive: Quant manager Wadhwani points finger at Bank of England in new book ......................

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