GAM Draws Line Under Crisis With Gupta Bond Sale

GAM has drawn a line under a crisis that has engulfed the Swiss asset manager for nearly a year by selling a final tranche of £600m of bonds back to British industrialist Sanjeev Gupta, the Financial Times reported. The sale, which was announced on Monday evening, will allow GAM to pay back investors in its Absolute Return Bond Fund range, who have been frozen in the former flagship strategy since it suspended trading last August. GAM said it intended to provide ARBF investors with a 0.5 per cent premium on their portfolio holding and make the final payment to them by the end of July. David Jacob, GAM’s group chief executive, said: “We would like to thank all our clients for their continued patience during the liquidation process. Read more