GAM to close small UK fund after redemptions

LONDON (Reuters) - GAM, a hedge fund firm owned by Julius Baer AG, said it will close the GAM Star International Equity Fund after receiving redemption notices for more than 50 percent of the net asset value. As of the close of business on Wednesday the net asset value of the fund was $6 million (3.4 million pounds). A GAM spokeswoman said: "This had always been a small fund, with a total value of $18.5 million at the end of September 2008, and had principally been employed for internal investment purposes. "As at October 7 the size of the fund had reduced to $6.1 million which was no longer considered viable particularly as the fund's manager, Sean Taylor, was relocating to GAM's Dubai office to focus on managing his existing emerging market portfolios which stand in excess of $500 million." The news... [read full story]