GAM Holding AG has received all the proceeds from the sale of the remaining assets within its unconstrained/absolute return bond funds (ARBF) in line with the agreement announced on 17 April 2019.
The sale will result in an average of 100.5% of net asset value being returned to clients relative to the valuations at the time the liquidation of the respective funds commenced.
GAM's priority throughout the liquidation process has been to maximise liquidity and value for its clients. Since the beginning of September 2018, when the liquidation of the ARBF funds commenced, clients have already received funds in four tranches equivalent to 89-95% of the Luxembourg-regulated GAM Multibond and the Ireland-regulated GAM Star funds and 80-84% of the Cayman master funds' and the associated Cayman and Australian feeder funds' assets. The final payments to clients are expected to be made by the end of July 2019.
David Jacob, Group CEO, said: "We are very pleased that we will be making the final payment to our ARBF investors over the coming weeks. We would like to thank all our clients for their continued patience during the liquidation process. We are fully focused on further stabilising the business for future growth, executing our restructuring programme and delivering value for our clients and shareholders. With our distinctive set of investment strategies and a global distribution network, we believe we are well placed to help our clients find attractive returns."