"Because happiness isn't going to cut the mustard," Gam-Gam continued.
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"Of course it ended in disaster," Gam-Gam yelled at Marnie's dad.
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His mother worked at UPS, and So-and-So's Gam-gam had come in to mail a package.
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For example, she learned that Gam-Gam, her paternal grandmother, had never been in favor of her parents' union.
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Brad Coleman, who has co-headed global asset managers (GAM) for the past nine years, will become chairman of GAM.
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The GAM Greensill Supply Chain Finance fund is managed by Zurich-based GAM Holding, with help from London-based Greensill.
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Earlier this year, RBR Capital Advisors launched a campaign against Swiss money manager GAM Holding AG to gain three GAM board seats and replace the company's leadership.
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No matter what Gam-Gam was saying, something about the tone and volume of her voice made Marnie feel like she was being ordered to mop a floor.
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GAM said the sale will result in an average of 13% of net asset value being returned to clients relative to the valuations when the liquidation of funds started, GAM said.
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ZURICH (Reuters) - Embattled Swiss financial company GAM Holding (GAMH.
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Julian Howard is head of Multi Asset Solutions at GAM.
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ZURICH/LONDON (Reuters) - Embattled Swiss asset manager GAM Holding (GAMH.
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GAM, Greensill and the FCA declined to comment on Wednesday.
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Natalie Baylis, who joined GAM as compliance chief in June 2018, "has decided to step down from her role for personal reasons and will leave GAM at the end of October 2018", it said.
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GAM had a 2017 IFRS net profit of 123.2 million francs.
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Larry Hatheway is Chief Economist and Head of GAM Investment Solutions.
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Tim Love is investment director for emerging market equities at GAM.
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BMO GAM is the asset management arm of Bank of Montreal .
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Alexander Friedman resigned as C.E.O. of GAM, the Swiss money manager.
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The investment team led by the four principals Cato Stonex, Mark Evans, Robert Smithson and Ali Miremadi will relocate to the GAM offices in London and their strategies will be marketed under the GAM brand, it added.
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But I won't take her up on our gam, not tonight, no.
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"Why is Gam Bam putting me to shame???" she asked her followers.
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GAM announced the appointment of Sanderson as chief executive as of Sept.
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MADRID (Reuters) - The potential tie-up between Spanish energy firm Gamesa GAM.
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RBR has said it owns close to 5 percent of GAM shares.
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GAM added its board will always assess options to boost shareholder value.
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For more news, click * GAM Holding AG said it received a request to put items on the agenda for the upcoming Annual General Meeting from RBR Strategic Value Ltd, Cayman Islands, which holds 2.1 percent of GAM shares.
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"At GAM, he will be focused on further simplifying the business and concentrating on areas of recognized expertise where GAM has competitive edge in order to put the business back on a growth trajectory," it said in a statement.
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RBR, which says it owns close to 5 percent of GAM shares, is publicly campaigning for GAM to cut costs by 100 million Swiss francs ($99.1 million), appoint three new board members and a new chairwoman, and replace Friedman.
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Krupa, which says it controls around 3% of GAM via direct stock holdings and derivatives, said it would propose a candidate for GAM's board of directors at the 2020 annual meeting should GAM not present a convincing strategy update.
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Larry Hatheway is Chief Economist and Roberto Cominotto is Investment Director at GAM.
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"GAM is focused on the future of the business, and while it stands by its finding of gross misconduct, it has agreed with Tim Haywood that neither party will pursue the other based on current facts," GAM said in a statement.
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Earnings drove the market with big moves from GAM, Travis Perkins, Lufthansa and Vivendi.
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"Our position in sterling is flat," said Adrian Owens, portfolio manager at GAM Investments.
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"Utterly mystifying," said Paul McNamara, emerging markets investment director at GAM Investments in London.
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Prior to joining GAM Investments, Mumford worked as a managing partner for MNP Advisers.
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GAM believes that the new discovery could help archaeologists better understand the ancient Mayan civilization.
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Bringing up the rear among European stocks was Swiss asset manager GAM, sinking 13.3 percent.
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Andrea Gerst, portfolio manager at GAM, said the deal did not signal further asset disposals.
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COMPETITIVE EDGE GAM also announced the appointment of Sanderson as chief executive as of Sept.
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" LARRY HATHEWAY, CHIEF ECONOMIST, GAM INVESTMENT MANAGEMENT, ZURICH "The news today is average hourly earnings.
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S> * GAM Holding AG reported first-quarter group net inflows of 6.0 billion Swiss francs.
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Paul McNamara, investment director at GAM, said he was still long OFZs "with gritted teeth".
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" LARRY HATHEWAY, CHIEF ECONOMIST, GAM INVESTMENT MANAGEMENT, ZURICH "The news today is average hourly earnings.
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At least that is according to Julian Howard, head of multi-asset solutions at GAM.
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Kishimoto joins GAM from Schroder Investment Management Japan, where she was head of intermediary business.
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Clients have already received funds equivalent to 89–95% of the Luxembourg-regulated GAM Multibond and the Ireland-regulated GAM Star funds and 80–84% of the assets of the Cayman master funds and the associated Cayman and Australian feeder funds, the company said.
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GAM has sold or is in the process of selling around a billion dollars of bonds back to GFG, including the Kinlochleven ones, according to public statements and the three people familiar with the repurchases, who added that GAM wanted to be made whole.
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"I don't feel too sorry (for traditional fund managers)," said Anthony Lawler, co-head of GAM Systematic, the quantitative part of Swiss money manager GAM Holding, which had assets under management (AUM) of 148.4 billion Swiss francs (114.12 billion pounds) at the end of September.
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Nielsen at GAM said if Pemex did not start selling assets, balance sheet pressure would intensify.
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GAM shares lost three quarters of their value last year but have gained 214% this year.
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Actress and first wife of famous director Sidney Lumet, Rita Gam has died, according to reports.
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GAM accused the fund manager of failing to do or record correct due diligence on investments.
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A spokesman for Haywood said on Friday that the former GAM fund manager denies any wrongdoing.
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Natalie Baylis is stepping down as head of compliance at GAM, the troubled Swiss investment firm.
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GAM has said in the past it would look at all options to maximise shareholder value.
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Philadelphia could receive up to $2000,22019 in additional GAM for 2021 if Picault meets performance metrics.
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Gam-gam said that So-and-So had finally found a job in D.C. She asked his mother to relay a message from So-and-So about their time in high school when they worked at Chick-fil-A and that fun summer selling Aflac insurance.
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Mr Erdogan scored an own goal, says Paul McNamara, an investment director at GAM, an asset manager.
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GAM assets had suffered a 17.7 billion franc hit in the third quarter due to slumping markets.
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Sponsors for the 2nd Annual Sohn Tel Aviv Conference include Bank Hapoalim, Citi, GAM and Jefferies LLC.
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GAM expected to complete the liquidation of unconstrained/absolute return (ARBF) funds by the middle of July.
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GAM has said Haywood remains an employee "and was currently engaged in the firm's internal disciplinary processes".
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GAM shares lost three quarters of their value last year and have fallen 9 percent this year.
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A GAM spokeswoman said the company does not comment on the content of private meetings with shareholders.
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Larry Hatheway is chief economist at GAM, a fund manager with $122 billion in assets under management.
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Globally, GAM managed CHF 137.4 billion ($138.79 billion) in assets as of the end of March 2019.
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The company planned alternatives for investors who want to remain invested with the ARBF team, GAM said.
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GAM Holding AG A whistle blower at Swiss asset manager GAM Holding AG who alerted UK financial regulators last year did so over concerns about the purchase of more than half a billion pounds of bonds from commodities tycoon Sanjeev Gupta, according to two people familiar with the matter.
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Mr Erdogan has scored an own goal, says Paul McNamara, an investment director at GAM, an asset manager.
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Yet some bigger issuers are still missing from markets, said Dorthe Nielsen, portfolio manager at GAM Investment Management.
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Last summer GAM, a Swiss fund manager, suspended a star trader who had loaded up on esoteric paper.
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"GAM doesn't have many assets left and they are spread around across many different asset classes," Kunz said.
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During her acting career, Gam starred in films like Saadia, Sign of the Pagan and King of Kings.
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She took the name of her stepfather, Benjamin J. Gam, a dress manufacturer, who was born in Russia.
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GAM suffered heavy redemptions from its Absolute Return Bond Fund last year after it suspended an investment director.
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GAM on Wednesday did not immediately specify the possible dimensions of the liability if the sanctions are upheld.
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The suspension and trading halt has weighed heavily on GAM shares, which fell a further 4.3 percent on Friday.
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The details of the bonds, including how much GAM paid and the underlying business, also havent previously been reported.
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Shares in Swiss asset manager GAM rose 5 percent as investors welcomed its move to buy Cantab Capital Partners.
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RBR rose to prominence through high-profile, but ultimately unsuccessful, campaigns against asset manager GAM and airline caterer Gategroup.
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There was one gam >> SubText® >> 7:00 pm > >WE'D LOVE TO HEAR WHAT YOU THINK OF SubText®!
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GAM was hit by an investor exodus after it suspended and then fired Tim Haywood for breaching company rules.
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"That's not what you're supposed to be doing," said fund manager Ali Miremadi of GAM Holding, a Nestle shareholder.
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The details of the bonds, including how much GAM paid and the underlying business, also haven't previously been reported.
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"GAM never received any false or misleading information from Greensill" with respect to the Kinlochleven bond transaction, it said.
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"Trading volume is a major consideration," said Jian Shi Cortesi, portfolio manager of Asian equities at GAM Investment Management.
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Sponsors of the 003rd Annual Sohn Tel Aviv Conference include Jefferies, Citi, Bank Leumi, Azrieli Group, GAM and WisdomTree.
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" LARRY HATHEWAY, CHIEF ECONOMIST, GAM INVESTMENT MANAGEMENT, ZURICH, SWITZERLAND "The market reaction has been subdued, with yields slightly higher.
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"It is not solving anything in the long run," said Dorthe Nielsen, fixed income emerging markets manager at GAM.
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GAM has begun liquidating nine funds with assets of 10.8 billion francs whose trading it halted after suspending Haywood.
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" JACK FLAHERTY, CO-PORTFOLIO MANAGER OF THE GAM UNCONSTRAINED BOND STRATEGY IN NEW YORK CITY: "It's not a big surprise.
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"The outlook for most investors is caution," said Amir Madden, portfolio manager at asset management firm GAM in New York.
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GAM said its board of directors will consider RBR's candidates and communicate its proposals and recommendations regarding in due course.
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According to the Hollywood Reporter, Gam died from respiratory failure at Cedars-Sinai Medical Center in Los Angeles on Tuesday.
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"I think the change at Instagram is just a natural development," Mark Hawtin, investment director at GAM told CNBC Wednesday.
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GAM shares have sold off sharply since the firm suspended a top director and suspended, then liquidated, some bond funds.
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For more news, click on *GAM Holding said group management board member Matthew Beesley has decided to leave the company.
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GAM Trading is part of U.S.-based Autonomy Capital which has taken the lead in challenging Iceland's government over its actions.
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|
"The market is not always rational," said Jian Shi Cortesi, an Asian equities portfolio manager at GAM Investment Management in Zurich.
|
|
According to Larry Hatheway, chief economist and head of investment solutions at GAM, the impressive gains might be here to stay.
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"The consequences of the suspension of an ARBF investment director marked a clear setback for GAM," Chief Executive Alexander Friedman said.
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Jacob said repositioning GAM and improving efficiency and profitability required some "tough decisions," according to an internal memo reviewed by Reuters.
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Swiss asset manager GAM Holding said on Tuesday it had no discussions with Generali or any company about M&A activity.
|
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"Earnings upside is greatest in emerging markets, Europe and mid-cap Japan," said Larry Hatheway, group head of investment solutions at GAM.
|
|
Zurich-based GAM posted underlying profit before tax of 101.5 million Swiss francs ($105.3 million) for the first six months of 2015.
|
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Maran Gam and Zau La, members of an ethnic armed group, were sentenced to life imprisonment in 2000 on drug trafficking charges.
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" In just a few moments on the screen, the magazine said, Ms. Gam "makes a striking movie debut without uttering a word.
|
|
But Zurich-based GAM said his shares had not been registered in time to entitle him entry to the meeting on Wednesday.
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Opinions and assessments contained in this document may change and reflect the point of view of GAM in the current economic environment.
|
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Julian Howard, head of multi-asset solutions at GAM, forecast a massive opportunity in emerging markets during a recent appearance on CNBC.
|
|
"The big strike against him is his being Erdogan's son-in-law," said Paul McNamara, an investment director at GAM London Limited.
|
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The Gran Acuifero Maya (GAM), the organization behind the cave's exploration, has been diving through the underwater network for the past 10 months.
|
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The asset manager said: GAM continues to value its on-going relationship with Greensill, as reflected by our joint supply chain finance fund.
|
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Attracting capital back is "somewhere on the scale between pretty important and absolutely crucial", says Paul McNamara, of GAM, a fund-management firm.
|
|
GAM shocked markets in July when it suspended top money manager Tim Haywood for suspected breaches of risk management and record keeping procedures.
|
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And, if you really want to step-up your rental gam, consider renting out party equipment like tents, photo booths, or bounce houses.
|
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Disclosure: When requested by CNBC, GAM said it was unable to disclose any holdings in Snap due to the proximity of the IPO.
|
|
"These uncertainties pose significant risks for the investment outlook," said Larry Hatheway, chief economist and head of multi-asset portfolio solutions at GAM.
|
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The market may be underestimating how many more rate hikes there will be, Larry Hatheway, chief economist at GAM Investments, told CNN Business.
|
|
The meeting was also attended by Hugh Scott-Barrett, whom GAM last week nominated to replace de Gier, rejecting RBR's recommendation for chairman.
|
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GAM has suspended Tim Haywood after questions arose about whether he failed to conduct sufficient due diligence and make accessible some internal records.
|
|
MELBOURNE, June 11 (Reuters) - Swiss asset manager GAM Holding AG said it has hired Alison Wallis to drive its institutional business in Australia.
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Wallis joins GAM from Sydney-based investment manager Brookvine, where she spent six years as director, before which she worked at Deutsche Bank.
|
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At 1036 GMT, shares in GAM were up just over 9%, although they remain down around 80% from the highs struck in 2018.
|
|
GAM said in response it disagreed with the position taken by SIX and said it stood by its previously published consolidated financial statements.
|
|
GAM suspended investment director Tim Haywood following an internal investigation that it said raised questions about his risk-management procedures and record keeping.
|
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GAM is invested in wind power equipment companies like TPI and Gamesa, wind farm operators NextEra Energy and Pattern Energy and Israel's Solar Edge.
|
|
GAM said in the letter it expected fund shareholders to get their proportionate interest in cash as it becomes available throughout the liquidation process.
|
|
"We are pleased they have abandoned the plan to 'go Dutch'," said GAM portfolio manager Ali Miremadi, who intended to vote against the move.
|
|
GAM has said it suspended Haywood after questions arose about whether he failed to conduct sufficient due diligence and make accessible some internal records.
|
|
"There are very few other countries whose level of FX reserves is as low as Turkey's," Paul McNamara, investment director at GAM in London.
|
|
The Swiss asset manager GAM announced its new C.E.O.: Peter Sanderson, BlackRock's head of financial services consulting for Europe, the Middle East and Africa.
|
|
GAM targets an operating margin of between 35 and 40 percent and annualized EPS growth or more than 10 percent over the business cycle.
|
|
"We are pleased they have abandoned the plan to 'go Dutch'," said GAM portfolio manager Ali Miremadi, who was planning to vote against the move.
|
|
Amid its missteps, GAM under new Chief Executive David Jacob has become a potential prey, with media reporting it rebuffed an offer from Schroders SDR.
|
|
As already flagged this month, GAM posted a net loss of 13.6 million Swiss francs ($13.7 million) in the first half on an IFRS basis.
|
|
The size of RBR's stake in GAM is closer to 5 percent than 3 percent, RBR founder and Chief Investment Officer Bohli said last week.
|
|
GAM and Woodford had to "gate" their clients' money as client redemptions threatened to overwhelm their ability to generate cash by selling their funds' assets.
|
|
Manager of a number of credit strategies at GAM Anthony Smouha, said he was cautious, but agreed that yields were looking too attractive to ignore.
|
|
"It's not a high-quality exposure to have on," said GAM portfolio manager Anthony Lawler in London, who invests about $25 billion in hedge funds.
|
|
Amid rocky financial markets GAM posted net outflows of 10.7 billion Swiss francs ($10.6 billion) in 13, when its share price fell almost 30 percent.
|
|
InVivo's retail division will acquire Jardiland from investment fund L-GAM, which will become a shareholder in InVivo Retail, InVivo CEO Thierry Blandinieres told reporters.
|
|
ZURICH, March 1 (Reuters) - Swiss money manager GAM Holding on Thursday reported underlying pre-tax earnings that exceeded even the highest analyst expectations for 2017.
|
|
Brightly coloured bottles of Tropical Sun Hot Pepper Sauce surround jar upon jar of guava gam, "cock flavour" soup mix, and tubs of FuFu flour.
|
|
Group assets under management rose 5 percent in the three months to end-March to 126.9 billion francs, GAM said in an interim management statement.
|
|
GAM initially suspended the executive, Tim Haywood, last July, a move that triggered an investor exodus and a sharp fall in the company's share price.
|
|
GAM declined to comment on the report, which said the company could reduce employee numbers by between 250 and 350 under one scenario being discussed.
|
|
The models all seem to like one brand's take on the faded jeans transformed into a mini, and the gam-showcasing item is from Re/Done.
|
|
If you want to steer clear of clothing, she suggests stackable bangles—these are rose gold-filled, handmade bracelets from Design by Gam ($21 each; etsy.com).
|
|
Julian Howard, investment director at asset manager GAM, told CNBC Tuesday he expected sterling to trade in the $1.20 - $1.25 range for the next few weeks.
|
|
David Kemp, previously general counsel, asset and wealth management at Schroders, will join GAM in October as interim head of compliance, reporting to CEO Alexander Friedman.
|
|
Jian Shi Cortesi, an Asian equities portfolio manager at GAM Investment Management in Zurich, tracks a China Satellite Manufacturing Index, developed by San Francisco-based SpaceKnow.
|
|
GAM, which was spun off from Julius Baer Group in 2009, said the market environment is expected to be difficult for the rest of the year.
|
|
Aside from her on screen roles, Gam also starred in a handful of stage productions including Wit & Wisdom, Hamlet and There's a Girl in My Soup.
|
|
They iron out the details of their fresh coulpledom — which includes settling on Gam as their couple name — and fall asleep peacefully in the radio studio.
|
|
Aviva's change of heart "goes a long way toward addressing our concerns," M&G Prudential, Invesco, GAM, Edentree, BlackRock and Legal & General said in a statement.
|
|
ZURICH, July 30 (Reuters) - Swiss asset manager GAM Holding has declared a ceasefire in a row with sacked fund manager Tim Haywood, it said on Tuesday.
|
|
GAM had bled assets after being forced last year to close several funds while suspending and later sacking top money manager Haywood for breaching its rules.
|
|
"We are seeing a nice rally in risk assets and a little bit of clear sailing," said Jack Flaherty, an investment director at asset manager GAM.
|
|
In that regard, Brexit was a good example of hedge funds doing exactly what they say on the tin, according to GAM Portfolio manager, Anthony Lawler.
|
|
Reacting to the comments, the chief economist and head of GAM Investment Solutions told CNBC he didn't think Europe's offer would be enough to sway Trump.
|
|
We are disappointed that the GAM board has seemingly not taken our suggestions and work more seriously or even bothered to interview our highly qualified candidates.
|
|
Financial terms of the transaction were not disclosed, but Blandinieres said that InVivo may bring in other financial investors in its retail division alongside L-GAM.
|
|
GAM has seen a more than billion-dollar drop in its stock market capitalization and placed restrictions on client withdrawals following a wave of redemption requests.
|
|
On Tuesday, GAM said it would next month begin the liquidation of the absolute return funds it froze in July after suspending Investment Director Tim Haywood.
|
|
"The consequences of the suspension of an ARBF investment director marked a clear setback for GAM," Chief Executive Alexander Friedman said in a statement on Tuesday.
|
|
Paul McNamara, investment director for emerging market debt at GAM, said it was positive that Turkey had at least recognized that problems needed to be addressed.
|
|
RBR, which has had mixed success in previous activist campaigns against asset manager GAM and airline catering company Gategroup, has not set a timeframe for its campaign.
|
|
GAM had already said it was considering liquidating the funds, which represented 7.3 billion Swiss francs ($7.33 billion) in assets under management at the end of July.
|
|
Heading off concerns of a protracted legal tussle that could hamper attempts to restore investor confidence, GAM said both parties had agreed a ceasefire, without giving details.
|
|
Matthew Beesley, who joined GAM in March 2017, will get a seat on an expanded group management board as head of investments, it said in a statement.
|
|
GAM had bled assets after being forced last year to close several funds while suspending and later sacking top money manager Tim Haywood for breaching its rules.
|
|
Analysts saw the move as a positive for GAM, whose shares plunged 75% last year, because it removed the risk of potential legal action by disgruntled clients.
|
|
Ali Miremadi, investment director in the global equities team at GAM said Thursday that the automated nature of trading had caused selling to exhibit a snowball effect.
|
|
"The GAM narrative is not going to change until they treat me fairly," Haywood told reporters in a hotel lobby outside where the meeting was being held.
|
|
Haywood, via a spokesman, said he disputed GAM's allegations of gross misconduct, is appealing his dismissal to GAM and that he looked forward to clearing his name.
|
|
While these two benefits are "automatic" in the sense that you don't have to earn them, you do have to activate status with each loyalty pro gam.
|
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Before joining GAM, D'Alesio was a partner and head of investment origination at Capital Generation Partners, and also spent eight years at hedge fund Unifortune Asset Management.
|
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HE JOINED FIRM IN 2017 AND LAST YEAR HE WAS APPOINTED TO GAM HOLDING AG'S GROUP MANAGEMENT BOARD Source text for Eikon: Further company coverage: (Gdansk Newsroom)
|
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De Anda is also director of the Gran Acuifero Maya (GAM), a project dedicated to the study and preservation of the subterranean waters of the Yucatan peninsula.
|
|
Last year, GAM posted underlying profit before taxes, excluding non-recurring and acquisition-related items, of 10.5 million Swiss francs, down from 126.7 million francs in 2018.
|
|
Last year, GAM posted underlying profit before taxes, excluding non-recurring and acquisition-related items, of 10.5 million Swiss francs, down from 126.7 million francs in 2018.
|
|
GAM may have been able to prevent sliding into the red for 2019, but there was no sign of a turnaround in assets under management, he added.
|
|
Asked about reports that GAM was speaking to potential buyers, Friedman told Reuters the company remained open to all avenues that maximize value, but declined to elaborate.
|
|
His comments echo those of UBS GAM fund manager Maximillian Anderl on Thursday, who said he would prefer to see a joint venture or nil-premium merger.
|
|
James Brady, co-director of GAM and a professor of anthropology at California State University in Los Angeles, has been puzzling over Segovia's decision to seal the cave.
|
|
Last week, GAM announced that GFG Alliance had agreed to repurchase the remaining assets in Haywoods funds at the valuation at which they were purchased, without elaborating why.
|
|
Swiss money manager GAM also slid 5003 percent after posting lower profits, but other financial stocks fared better, with the STOXX Europe 600 banks index rising 1.7 percent.
|
|
That gam action inspired a prosthetic exoskeleton for humans: The lightweight contraption is outfitted with a spring and clutch that take the impact off the user's calf muscle.
|
|
That night featured performances from LaBeija and quirky Montreal vaudeville/burlesque troupe Glam Gam, as well as kissing competitions that people of all sexualities were encouraged to enter.
|
|
In 2016, GAM also cut fixed staff costs and general expenses by around 16 million francs and plans a further reduction of 30 million francs francs through 2019.
|
|
Chairman Hugh Scott-Barrett said the board acknowledged the vote, given what he described as GAM had experienced its "most demanding year" since it floated on public markets.
|
|
Under the changes, GAM will merge its European equities operations into one team while its fixed income operations in London, Zurich and New York will also be combined.
|
|
Last week, GAM announced that GFG Alliance had agreed to repurchase the remaining assets in Haywood's funds at the valuation at which they were purchased, without elaborating why.
|
|
EMIT is "Time" backward, which is a MAGazine, which you can also run backward to get GAM; both "opener" clues, which solved to MID and UNI, were unexpected.
|
|
Looking at individual stocks, Swiss asset management giant GAM was the biggest loser on the pan-European benchmark after Credit Suisse halved its price target for the stock.
|
|
ZURICH, March 1 (Reuters) - Gam Holding Ag: * CFO SAYS EXPECTS TO BE AT LOWER END OF TARGET OPERATING MARGIN IN 2018 Further company coverage: (Reporting by Silke Koltrowitz)
|
|
GAM sits there nodding a lot, leading the other side to think he's in agreement when in fact he's just wondering what he's going to have for dinner.
|
|
GAM bought Cantab Capital Partners three years ago for $217 million, plus deferred consideration, part of the Swiss company's efforts to diversify and add $4 billion in assets.
|
|
Troubled Swiss asset manager GAM tumbled a further 5 percent, hitting its lowest in more than nine years and taking its year-to-date losses to 51 percent.
|
|
VIENNA, May 16 (Reuters) - Swiss group GAM has agreed to buy British equity investment group Taube Hodson Stonex (THS), which manages around 1.8 billion pounds ($2.60 billion) of assets.
|
|
For more news click * GAM Holding said it had agreed to acquire Cantab Capital Partners, a UK-based multi-strategy systematic manager with assets under management of $4 billion.
|
|
Arvin Soh, portfolio manager at GAM Alternative Investments Solutions, said he was pleased that "something" finally happened in the market, giving hedge funds the chance to benefit from dislocation.
|
|
Jian Shi Cortesi, an Asian equities portfolio manager at GAM Investment Management in Zurich, tracks a China Satellite Manufacturing Index , developed by San Francisco-based SpaceKnow.
|
|
GAM said on Tuesday assets had fallen 10.8 percent in the three months to the end of September, as the impact of Haywood's suspension was compounded by weaker markets.
|
|
"I am extremely grateful to all parties, inside and outside GAM, who worked so assiduously to create such a positive outcome for clients," the spokesman quoted Haywood as saying.
|
|
A GAM spokeswoman responded that RBR had meetings in December and February with Chief Executive Alexander Friedman, GAM's finance chief and its chairman at which RBR's plans were discussed.
|
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"The GAM narrative is not going to change until they treat me fairly," Haywood told reporters in the lobby of the Zurich hotel where the meeting was being held.
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He bided his time watching for the other required elements to present themselves: two all but indistinguishable horses, one a gam young unknown and one a career also-ran.
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ZURICH, Jan 15 (Reuters) - GAM Investments has named Giovanni D'Alesio as head of research in its alternative investment solutions business, effective January 13, the asset manager said on Wednesday.
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GAM called a truce with former star manager Tim Haywood last year after months of wrangling over his sacking, drawing a line under a saga that hammered its stock.
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I did not know that a group of whales could be a GAM, and the "Old TV helmsman," Star Trek's SULU, came along only when it was extremely obvious.
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"The FCA needs to be looking at the processes followed by GAM and the appropriateness of the investments for a fund that was marketed as low risk," he said.
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However, Larry Hatheway, chief economist at asset management firm GAM and a joint American-British citizen, told CNBC that this type of support reinforced Clinton's image as the "establishment" candidate.
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ZURICH, April 27 (Reuters) - Shareholders in GAM Holding on Thursday rejected proposals by activist hedge fund investor RBR Capital Advisors to shake up the Swiss money manager's board of directors.
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What they're saying: Julian Howard, head of multi-asset solutions at GAM, said on CNBC in August that the market may have reached the peak of the anti-EM trade.
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Anthony Lawler, co-head GAM Systematic, which manages Cantab as part of its business, told Reuters the falls would be unlikely to change much in the mind of fund managers.
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He said the chance of GAM attracting a buyer without settling the funds issue was "close to zero," although it was still a long shot a buyer could be found.
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GAM disclosed last week that RBR had taken a 2.1 percent stake in the company but RBR has bought additional shares and now holds roughly double that, the person said.
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According a filing on Monday on the Swiss stock exchange website, RBR founder and Chief Investment Officer Rudolf Bohli holds a 3.28 percent stake in GAM through two RBR funds.
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The company also signaled a ceasefire in its fight with as sacked former manager, and Zuercher Kantonalbank is also buying GAM funds with assets under management of 1.8 billion francs. .
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Equities rose on the view the Fed's monetary policy is not going to be as aggressive as some had anticipated, said Larry Hatheway, chief economist at asset management firm GAM.
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"More limited central bank appetite for QE [quantitative easing] could take away a significant element of market support," said Anthony Lawler, head of portfolio management at hedge fund investor GAM.
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ZURICH (Reuters) - GAM Holding will next month start liquidating funds whose trading it halted in July after suspending the investment director who ran them, the Swiss group said on Tuesday.
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"Loeb has set the right tone and his agenda is correct," said Bohli, who recently exited GAM Holding with a profit after failing to replace the financial company's chief executive.
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Group head of multi-asset portfolios at GAM, Larry Hatheway, said attention was firmly on the Fed minutes and particularly why the bank's last meeting ended with a notably cautious statement.
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Equities markets rose on the view the Fed's monetary policy is not going to be as aggressive as some had anticipated, said Larry Hatheway, chief economist at asset management firm GAM.
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"Clearly it was a stellar quarter — mobile advertising growth was significantly faster than the market expected," Mark Hawtin, investment director at GAM and Facebook shareholder, told CNBC's "Closing Bell " on Wednesday.
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In votes at GAM's annual general meeting, shareholders rejected RBR's three board proposals, which were part of a broader effort to cut costs at GAM and replace Chief Executive Alexander Friedman.
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For more news, click Cost-cutting proposals from activist investor Rudolf Bohli could endanger Swiss asset manager GAM Holding's future, Chief Executive Alexander Friedman said in an interview published on Saturday.
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"GAM confirms that it is on track to sell the remaining ARBF assets on or before 15 July 25.43 and will update the market upon completion," it added in a statement.
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GAM Holding The company has finished liquidating the absolute return bond funds (ARBF) the Swiss asset manager decided to wind down after it accused a senior executive of breaking its rules.
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ZURICH, April 8 (Reuters) - Cost-cutting proposals from activist investor Rudolf Bohli could endanger Swiss asset manager GAM Holding's future, Chief Executive Alexander Friedman said in an interview published on Saturday.
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ZURICH, July 30 (Reuters) - Swiss asset manager GAM Holding continues to review strategic options even after naming a new chief executive, outgoing CEO David Jacob told a conference call on Tuesday.
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"In all probability we have seen the low in bond yields unless their is another major global shock of some kind," said Larry Hatheway, group chief economist at fund manager GAM.
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Margin financing - money borrowed to buy securities and a measure of speculative activity - peaked at 10 percent of the free float of Chinese shares last June, according to asset manager GAM.
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The GAM Star Discretionary FX fund closed in February, having seen its total net assets slump to below $1 million versus more than $100 million two years ago, according to Morningstar.
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The GAM Star Discretionary FX fund closed in February, having seen its total net assets slump to below $1 million versus more than $100 million two years ago, according to Morningstar.
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Appetite for domestic shares " has improved slightly from a very low level," said Jian Shi Cortesi, an investment manager for Chinese equities based in Zurich at GAM, an asset management firm.
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Shares in Swiss money manager GAM, Swedish engineering group Sandvik and German airline group Lufthansa fell 4.2 to 5.8 percent as their shares traded without the attraction of latest dividend payouts.
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GAM suspended Haywood in July after questions arose about whether he failed to conduct sufficient due diligence and make accessible some internal records, sparking an investor exodus and hammering its shares.
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"As these funds have a mix of mainly liquid assets and some less liquid assets, GAM is focused on ensuring balance between value maximization with the speed of liquidation," it said.
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"The SNB looks to have regained control over the franc and a lot of investors believe that," said Joachim Corbach, head of currencies and commodities at asset manager GAM in Zurich.
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Asked about reports that GAM was speaking to potential buyers, Chief Executive Alexander Friedman said the company's board and management remained open to all avenues that maximise value, but declined to elaborate.
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The whistleblower who raised concerns over a former star fund manager at GAM has been made redundant after he triggered a crisis at the fund manager last year, the Financial Times reported.
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Gam was married to Lumet – who directed 12 Angry Men and Dog Day Afternoon – from 1949 until 1955 when the pair divorced and she married Thomas Guinzberg a year later in 1956.
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ZURICH (Reuters) - The SFM UK Management fund linked to investor George Soros has built a 3% stake in Swiss asset manager GAM Holding, a filing on the SIX Swiss Exchange's website showed.
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GAM was already planning to save another 30 million francs by 2019, Friedman said, while the business is doing better this year in terms of performance fees and money inflows from customers.
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Shares in Swiss money manager GAM, Swedish engineering group Sandvik and German airline group Lufthansa fell between 4.9 and 5.6 percent as their shares traded without the attraction of latest dividend payouts.
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Aside from a few quasi-mythical figures like Le Thi Hong Gam, a young Vietcong sharpshooter who allegedly downed an American helicopter, their names and lives are absent from the war's history.
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Friedman, who has faced fierce criticism from some investors about his handling of the matter, insisted GAM had acted properly to address potential misconduct even at the cost of short-term disruption.
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"It is GAM's strongly held view that Talison's expansion of lithium mining and processing at Greenbushes... threatens to waste tantalum resources at Greenbushes," GAM Chief Executive Officer Andrew O'Donovan said in the statement.
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GAM, which is due to report its earnings on July 30, said last week its assets under management had stabilized at around 136 billion francs, still down from 163.8 billion in June 2018.
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GAM, which is due to report its earnings on July 30, said last week its assets under management had stabilised at around 136 billion francs, still down from 163.8 billion in June 2018.
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Zurich-based GAM sacked Tim Haywood in February for gross misconduct, accusing him of potential conduct issues related to failure to perform sufficient due diligence and failure to make accessible some internal records.
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ZURICH, July 16 (Reuters) - GAM Holding has finished liquidating the absolute return bond funds (ARBF) the Swiss asset manager decided to wind down after it accused a senior executive of breaking its rules.
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" LARRY HATHEWAY, GAM INVESTMENTS' CHIEF ECONOMIST, ZURICH: "The two numbers people will focus on is fact unemployment rate dipped and average hourly earnings rose 0.3 percent which is a little faster than expected.
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GAM turned down the offer because it was concerned that selling one of its most attractive units separately would make it difficult to sell the whole company, the FT reported on Sunday. on.ft.
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Tim Haywood said he had purchased shares in March or April and that GAM had told him on Wednesday that a procedural error in registering his shares had caused him to be excluded.
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Among the top fallers were Swiss money manager GAM, which fell 13.3 percent after posting lower profits, and temporary power provider Aggreko, which fell 12.9 percent after first-half profits missed some forecasts.
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ZURICH, Jan 27 (Reuters) - Prague-based Krupa Global Investments (KGI) urged GAM Holding on Monday to create a shareholder committee that would explore attracting a strategic investor for the embattled Swiss asset manager.
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Larry Hatheway, GAM Investments' chief economist and head of investment solutions, recently told clients to go to a "30/30/40 approach" with that includes a 30 percent allocation to short-duration credit.
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GAM Holding posted a net loss of 3.5 million Swiss francs for 2019 and said it wouldn't pay out a bonus to group management or a dividend to its shareholders for last year.
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GAM has said Haywood may have breached the company's policy on the number of signatures required on documents, used his personal email for work purposes, and violated the company's gifts and entertainment policy.
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"We believe that the liquidation approach will allow investors the opportunity to receive proceeds in a more timely manner and ensure equal treatment," Zurich-based GAM said in a letter published on its website.
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"It allows us to appreciate much more clearly how the rituals, the pilgrimage sites and ultimately the great pre-Hispanic settlements that we know emerged," Guillermo de Anda, the director of GAM, told Reuters.
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ZURICH, April 5 (Reuters) - Swiss asset manager GAM Holding on Wednesday urged shareholders to reject proposals from activist hedge fund investor RBR amid pressure from the group to cut costs and change chief executive.
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"China is a real concern for Apple because it is clear now that the iPhone is not seen as a utility product but as a luxury item," said Mark Hawtin, investment director at GAM.
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However, "it does mean as well that their path of rate normalization could change if we have fiscal stimulus," said Larry Hatheway, chief economist and head of GAM Investment Solutions, an asset management firm.
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A month later, GAM said Haywood may have breached the company's policy on the number of signatures required on documents, used his personal email for work, and violated the company's gifts and entertainment policy.
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"I think (EMs) are starting to have their underlying improvements right now, the market is pessimistically positioned," Enzo Puntillo, CIO of fixed income at the independent asset management group GAM, told CNBC on Wednesday.
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But that would provide only a short-term fix in the absence of substantial tax breaks, said Dorthe Nielsen, an emerging market debt fund manager with GAM Investments, which until recently held Pemex bonds.
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Yahoo recently published a piece on makeup artist Meri — or, "gam gal" and "Queen of the Gams," as I'm now calling her — who transfixed her Instagram followers with a video of perfectly sculpted legs.
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Since joining Zurich-based GAM in September 2014, Chief Executive Alexander Friedman has overhauled part of the company's senior management team, closed or merged almost 70 funds, and outsourced its middle and back offices.
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Since GAM suspended fund manager Haywood and placed restrictions on client withdrawals following a wave of redemption requests last summer, it has seen its stock market capitalization drop by more than a billion dollars.
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GAM expects to report underlying 2019 profit before taxes, excluding non-recurring and acquisition-related items, of around 10 million Swiss francs ($10.4 million), down from 126.7 million for 13, it said on Friday.
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GAM expects to report underlying 21 profit before taxes, excluding non-recurring and acquisition-related items, of around 20.9654 million Swiss francs ($10.4 million), down from 126.7 million for 2018, it said on Friday.
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GAM in July called a truce with former star manager Tim Haywood after months of wrangling over his sacking, saying it was drawing a line under a saga that had hammered its share price.
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RBR, which has said it owns close to 5 percent of GAM shares, had said it would scrap its attempt to revamp the company if it did not get enough shareholder backing at the AGM.
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"Every investor in Nestle wants them to get the margins up a bit faster," said Ali Miremadi, a fund manager at GAM Investment Management, which owns nearly $73 million of Nestle shares, Reuters data shows.
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Shareholder Ali Miremadi of Swiss asset manager GAM said that sometimes Unilever shareholders had been made to feel their concerns about performance were very near-term, whereas Unilever preferred to focus on the long term.
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ZURICH, Feb 21 (Reuters) - Assets under management at Swiss asset manager GAM Holding AG continued to fall at the end of last year, the beleaguered Swiss group said on Thursday, forecasting a "challenging" 13 ahead.
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The inflows at the start of the year follow a disappointing 2016 for Zurich-based GAM in which it suffered net withdrawals of 10.7 billion francs and a share price slump of almost 30 percent.
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Christian Anderson, head of the diversified financials speciality finance and Anthony Diamandakis, who was responsible for financial sponsor coverage for the Europe, Middle East and Africa (EMEA) region will co-head GAM, the memo said.
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ZURICH, Feb 20.9839 (Reuters) - GAM Holding's new Chief Executive Peter Sanderson said on Thursday the Swiss asset manager aims to step up cost-cutting measures and touch an operating margin of 30% in two years.
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Near the beach resort of Tulum, the group found that the cave system known as Sac Actun, once measured at 263 km, communicated with the 83-km Dos Ojos system, the GAM said in a statement.
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GAM director and underwater archaeologist Guillermo de Anda said the "amazing" find would help to understand the development of the rich culture of the region, which was dominated by the Maya civilization before the Spanish conquest.
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"Given the significantly lower levels of (assets under management) and the phasing of the cost reduction programme, GAM expects its 2019 financial results to be materially below those of 2018," it added, referring to underlying figures.
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ZURICH, Aug 2 (Reuters) - GAM Holding AG said it had halted dealing in some bond funds after an investor rush out of the products in the wake of its decision to suspend the director in charge.
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ZURICH (Reuters) - Swiss money manager GAM Holding on Tuesday warned it expects a roughly 50 percent year-on-year fall in first-half underlying profit before tax, mainly due to a drop-off in performance fees.
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Concerns over bonds issued by GFG Alliance related to a biodiesel-fuelled power generating business prompted a whistle blower at Swiss asset manager GAM Holding AG to alert UK financial regulators, as previously reported by Reuters.
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GAM fund manager and Credit Suisse investor Daniel Haeuselmann believes the need for cash is a key reason for the listing, saying, "I think it's more a way to raise capital without significantly diluting shareholders' investments".
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"Obviously the Apple Watch is quite successful and they are selling quite a bit," says Scilla Huang Sun, head of equity and portfolio manager at GAM Investments, a global asset management firm with offices in Zurich.
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Rita Gam, who made her eye-catching Hollywood debut without saying a word and played a real-life bridesmaid at the fairy-tale wedding of her former roommate Grace Kelly, died on Tuesday in Los Angeles.
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For more news, click Swiss money manager GAM Holding warned it expects a roughly 50 percent year-on-year fall in first-half underlying profit before tax, mainly due to a drop-off in performance fees.
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Aviva and GAM were among foreign investment funds that used Monday's temporary bounce in the lira to cut back on Turkish holdings, while many banks, including Morgan Stanley, Societe Generale, BNP Paribas and Citi suggested reducing exposure.
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GAM expected to report a first-half 2019 IFRS net loss, including non-recurring and acquisition-related items, of around 14 million francs, compared to net profit of 25.4 million francs in the first half of 2018.
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"Valuations for European equities are appealing, with a forward price to earnings ratio of 14.3x for European equities compared with 21.7x for the S&P 500," according to Julian Howard, head of multi asset solutions at GAM.
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GAM had a torrid 2018 after being forced to write down the value of acquisition of UK hedge fund Cantab and close several funds after a top money manager was suspended for alleged breaches of its rules.
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One recent GAM investor contacted by Reuters, said he was "astounded" by the company's handling of the situation and would have preferred a warning be given, while a second said the breaches were "blown out of proportion".
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RBR wants GAM, which is due to hold its annual general meeting on April 27, to cut 353 back office jobs to help lower costs by 100 million Swiss francs ($99.13 million) annually and to fire Friedman.
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"The momentum is still there in the U.S. There is more room to grow," said Scilla Huang Sun, a fund manager at GAM, who has built up her position in Adidas and cut her stake in Nike.
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ZURICH, March 6 (Reuters) - Activist hedge fund investor RBR suggested outgoing GAM Holding Chairman Johannes de Gier consider bringing in a new chief executive at the Swiss asset manager, a source familiar with the meeting told Reuters.
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In the last few months, three major investment funds collapsed after their clients discovered they were invested in illiquid assets:The Swiss fund manager GAM "gated" investors inside its Absolute Return Bond funds preventing them from withdrawing money.
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ZURICH (Reuters) - GAM Holding AG blocked Tim Haywood, the fund manager sacked for misconduct last year in a scandal that prompted a collapse in the Swiss firm's share price, from attending its annual shareholder meeting on Wednesday.
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Haywood said he rejected the charges of misconduct and said GAM's accusations against him were hurting the company's effort to repair its damaged reputation, which had contributed to outflows from GAM funds of billions of Swiss francs.
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GAM said it has seen growing interest from Australian superannuation funds for its products such as one backed by insurance-linked securities, and another that invests in derivatives based on equities, fixed income, currencies and commodities (FICC).
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"We bought more shares of GAM recently because we have faith in future (prospects) of this business and its importance but we are not satisfied with management's silence and communication towards investors," KGI Chairman Pavol Krupa said.
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Ali Miremadi, investment director at GAM, recently told CNBC that in today's environment, it's less about the macro and more about picking the banks with the right strategy and the ability to deliver on cost-cutting measures.
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"As the performance contribution should have been clearly positive given the capital markets of the past year, this figure shows that GAM must have continued to have had considerable outflows," he said in a note to clients.
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No final decision has been taken on potential cuts, which would focus on back-office staff and operations, and GAM could still pursue a different course, the news agency said, citing unnamed people familiar with the situation.
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LONDON, Jan 18 (Reuters) - Swiss asset manager GAM Holding AG is looking at potential deals in the United States and Asia, and in strategies including credit, global equities and systematic trading, its chief executive said on Monday.
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California-based tech companies continue to set ambitious renewable energy targets, and the trend is gaining steam beyond the sector as corporations seek to burnish their environmental credentials, said Roberto Cominotto, investment director for energy equities at GAM.
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"This House of Fraser issue and news of heavy machinery renter Hewden coming under pressure could raise concerns of a post-Brexit impact on UK corporates," said Anthony Lawler, head of portfolio management at hedge fund investor GAM.
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GAM, which is 80 percent owned by private equity house RCF, processes tantalum extracted as a by-product of lithium production at the mine and then ships it to its downstream facilities in the United States and Japan.
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"Given the huge importance of the Hong Kong market to HSBC's profitability, should the current protests continue, it will inevitably drag on earnings," said Ali Miremadi, investment director at GAM, who currently does not hold the lender's stock.
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On the other hand, Switzerland's GAM Holding fell about 6 percent as it said it would take an impairment charge of around 59 million Swiss francs related to its 2016 acquisition of British hedge fund Cantab Capital Partners.
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GAM continued to see clients withdraw money at the start of 2019, the embattled Swiss asset manager said on Wednesday, adding it expected to wrap up soon the liquidation of funds linked to a sacked senior money manager.
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GAM announced Haywoods dismissal in February, after saying he didnt comply with due diligence procedures and had signed certain contracts by himself where internal policies required two signatures, but didn't specify the transactions that led to his dismissal.
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The GAM Greensill Supply Chain Finance fund, in Switzerland, imploded in early June, followed in short succession by Neil Woodford's Equity Income fund in the U.K. Then came French asset manager H20 Asset Management, running into similar problems.
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GAM had said in December it would cut 10 percent of its staff and ditch its dividend as it warned it would slide to a 2018 net loss, which it confirmed on Friday was 929 million Swiss francs.
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GAM announced Haywood's dismissal in February, saying he didn't comply with due diligence procedures and had signed certain contracts by himself where internal policies required two signatures, but it hasn't specified the transactions that led to his dismissal.
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The false statement marks the latest development related to a series of GFG bonds purchased by GAM fund manager Tim Haywood, who was suspended and then dismissed following an internal whistleblower alerting UK regulator the Financial Conduct Authority.
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GAM announced Haywood's dismissal in February, after saying he didn't comply with due diligence procedures and had signed certain contracts by himself where internal policies required two signatures, but didn't specify the transactions that led to his dismissal.
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"GAM conducts an active and regular exchange with our shareholders but we cannot comment on individual shareholders in this context," it said on Monday, adding it would give a strategy update alongside its annual results on Feb. 20.
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ZURICH, Jan 17 (Reuters) - Embattled Swiss asset manager GAM Holding expects to just break even for 2019 as results continue to suffer from a sharp outflow of assets that followed a row with its former star fund manager.
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The Swiss stock exchange listing authority said on Wednesday that GAM Holding understated liabilities from its 2016 acquisition of Cantab Capital Partners LLP in a disputed case in which the asset manager vowed to fight a possible sanction.
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ZURICH, Dec 2 (Reuters) - Swiss asset manager GAM Holding AG could cut more than 40% of its workforce as Chief Executive Peter Sanderson seeks to restore profitability at the group, Bloomberg reported on Monday citing an unidentified source.
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The Gran Acuifero Maya (GAM), a project dedicated to the study and preservation of the subterranean waters of the Yucatan peninsula, said the 347-km (216-mile) cave was identified after months of exploring a maze of underwater channels.
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Separately, Zuercher Kantonalbank said it was buying four Swiss precious metals funds from GAM with assets under management of 1.8 billion francs, and GAM's money market funds domiciled in Luxembourg with assets under management of approximately 400 million francs.
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"It is early to tell, but there will be very few that have done exceedingly well or exceedingly badly," said Anthony Lawler, an executive at GAM, an investment management firm that oversees portfolios of hedge funds for institutional clients.
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If economic conditions sour and the bull market dissipates, as some are predicting, there could be a broader hedge fund comeback, said Arvin Soh, who helps pensions and other institutional clients invest in hedge funds for GAM Alternative Solutions.
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Christian Gerlach, portfolio manager at GAM Investment Management, returned to gold at the start of June as "stress and risk-off forces" multiplied, but the position is small and would not be increased immediately even in a "Brexit" scenario.
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While nine still managed to raise their operating margins in 22015, for example by growing their asset base or moving to a more profitable mix of products, just one firm — Swiss-based GAM Holding - cut staff, the biggest cost.
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ZURICH, Oct 23 (Reuters) - Swiss money manager GAM Holding AG's group assets under management fell by 17.7 billion Swiss francs ($17.77 billion) in the third quarter following the suspension of a director that has thrown its business into turmoil.
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GAM has previously publicly said it suspended and then dismissed Haywood following an internal whistle blower alerting UK regulator the Financial Conduct Authority, but the company has not disclosed which securities it related to or what the concerns were.
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"The general view right now is that the dollar is probably going to continue to move a bit higher against the euro in particular, maybe against the yen as well," said Larry Hatheway, chief economist at GAM Investment Solutions.
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ZURICH (Reuters) - A former GAM Holding AG executive, who was sacked after allegedly breaching the Swiss asset manager's rules, said on Monday that he looked forward to clearing his name after most of the allegations against him were dropped.
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On the other hand, Switzerland's GAM Holding fell about 9.1 percent as it said it would take an impairment charge of around 59 million Swiss francs ($59 million) related to its 2016 acquisition of British hedge fund Cantab Capital Partners.
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Swiss asset manager GAM Holding AG will cut staff by a tenth and omit a 30.2 dividend, it said on Thursday, forecasting a 20203 net loss of around 22020 million Swiss francs ($22019 million) as it shakes up its embattled business.
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Two ethnic Kachin Baptist community leaders, Dumdaw Nawng Lat and Langjaw Gam Seng, were given sentences of 27 and 51 months in October for helping reporters document damage from military airstrikes on civilian sites in the eastern state of Shan.
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SILENT CONTAINERS GAM announced Haywoods dismissal in February, saying he didnt comply with due diligence procedures and had signed certain contracts by himself where internal policies required two signatures, but it hasnt specified the transactions that led to his dismissal.
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Alex McKnight, a portfolio manager at GAM Investments, recommends betting on a plunge in sterling instead of buying gilts, because the currency was likely to fall further with a no-deal Brexit than it would rise with a positive outcome.
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"GAM is focused on the future of the business, and while it stands by its finding of gross misconduct, it has agreed with Tim Haywood that neither party will pursue the other based on current facts," it said on Tuesday.
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Swiss money manager GAM Holding dropped nearly 21.2 percent to a 20163-22016/20600-year low after warning it expects a roughly 3000-percent year-on-year fall in first-half underlying profit before tax, mainly due to lower performance fees.
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ZURICH, Aug 3 (Reuters) - Swiss money manger GAM Holding , which earlier this year fought off an attempt by an activist investor to oust its chief executive, on Thursday reported a 39 percent year-on-year rise in first-half net profit.
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A Scottish government guarantee would allow GFG to repurchase the bonds early, according to representations in an April 22018 pre-sale document outlining the nature of the proposed deal that was produced by Greensill for GAM and reviewed by Reuters.
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Paul McNamara, investment director at GAM in London, says he is comfortable owning short-dated Brazilian bonds, but warns against owning longer-dated paper if there is a likelihood of the central bank embarking on an aggressive rate-cutting cycle.
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And finally, Sly Stallone's wife Jennifer Flavin confirmed the Academy Awards date night trend, as the third lady who dared to bare some skin, arriving in silky black slip dress with a slightly cowled neckline and another gam-exposing slit.
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GAM reported on Monday a 9-month net profit of 2.6 million euros year on year Liberbank is considering to repurchase between 100 and 150 million own shares to reward its shareholders, Spanish newspaper Cinco Dias says citing financial sources.
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GAM had a torrid year after being forced to write down the value of its $217 million acquisition of UK hedge fund Cantab and close several funds after top money manager Tim Haywood was suspended for alleged breaches of its rules.
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An early participant at the Actors Studio, Ms. Gam also played a leading role, along with Hume Cronyn, Jessica Tandy, Zoe Caldwell and others, with the Minnesota Theater Company in 1963 during the opening season of the Guthrie Theater in Minneapolis.
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The Italian company, based in the central region of Marche, displayed its elaborate use of leather and typically Italian elegance in a runway show held in the surgical white spaces of the GAM modern art gallery in Milan's city center.
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UK-based GAM fund manager Tim Haywood paid more than 550 million pounds in 2017 for the bonds that were due to repay about 1 billion pounds over 20 years, according to the people familiar with the matter and corporate filings.
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A Scottish government guarantee would allow GFG to repurchase the bonds early, according to representations in an April 22019 pre-sale document outlining the nature of the proposed deal that was produced by Greensill for GAM and reviewed by Reuters.
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Swiss money manager GAM Holding fell nearly 20.7 percent to a 20163-22016/20600 year low after warning it expects a roughly 3000 percent year-on-year fall in first-half underlying profit before tax, mainly due to lower performance fees.
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UBS analyst Mate Nemes said the targets appeared reasonable in a note to clients flagging a "buy" rating, although he added "details on how GAM plans to achieve the targets as well as understanding risks to the plan will be crucial".
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GAM shares opened 1.1% lower and have fallen 84% over the past two years, as the company has seen assets under management take a hit following the sacking of a former star manager it had accused of breaching company rules.
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ZURICH, June 19 (Reuters) - A member of Britain's House of Lords has issued a formal query to the government, seeking to learn if it is conducting an investigation of the GAM Greensill Supply Chain Finance Fund, according to Parliament's website.
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He asked: "Her Majesty's Government whether they are investigating, or intend to investigate, the management of, investment valuations used by, and relationships between managers and businesses invested in, the GAM Greensill Supply Chain Finance Fund," according to the parliamentary website.
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"Balamkú will help rewrite the story of Chichen Itzá," said Guillermo de Anda, co-director of Great Maya Aquifer Project (GAM) and an archeologist at the National Institute of Anthropology and History (INAH), at a press conference in Mexico City on Monday.
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"Almost no one was betting on the actual outcome of Brexit," said GAM portfolio manager Anthony Lawler in London, a hedge fund investor whose firm recently bought systematic investment manager Cantab Capital Partners, which made 4.1 percent in the year to June 27.
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"I sold my last holdings in Pemex a couple of weeks ago due to the whole populistic approach he had to the airport," said Dorthe Nielsen, an emerging market debt manager in Zurich at GAM, which manages assets worth 146 billion Swiss francs.
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"It's a big deal for the company, it's a big deal for the British and Dutch political establishment, but I don't think it's a very big deal for the shares," said Ali Miremadi, who runs global and European equity funds at GAM Investments.
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Private-equity backed Global Advanced Metals (GAM) owns the rights to tantalum and other minerals produced at Greenbushes, the world's largest hard rock lithium mine, and has requested the courts to halt mine expansion plans to ensure that its rights are secure.
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ZURICH, Oct 23 (Reuters) - Asset outflows at Swiss money manager GAM Holding AG continued this month but at a reduced rate, its finance chief told Reuters after the group saw outflows of around 8 billion Swiss francs ($8.03 billion) in the third quarter.
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Zurich-based GAM posted underlying net profit for the first six months of 58.7 million Swiss francs ($60.5 million), slightly ahead of the average estimate in a Reuters poll of five analysts for 55.7 million and up from 42.2 million a year earlier.
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RBR wants GAM to cut 353 back office jobs to help lower costs by 100 million Swiss francs annually, and has proposed to elect Kasia Robinski as chairwoman, William Raynar as a board member and Rudolf Bohli on its board of directors.
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Mark Hawtin, investment director at GAM, goes one step further by saying recently on CNBC that the FANG stocks are still cheap despite hitting consecutive record highs, adding Facebook is the cheapest stock in his portfolio on a price-to-growth basis.
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Shouts of "Gam-bino!" emanated from the crowd as the stadium began vibrating with the moody, massive synths that appear at the outset of "Algorhythm," a new track the rapper shared with concertgoers before the start of his This is America tour.
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"When markets are falling, many investors would choose not to participate in IPOs as the company's stock prices are more likely to fall below IPO prices once it starts trading," said Jian Shi Cortesi, portfolio manager of Asian equities for GAM investments.
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ZURICH, May 8 (Reuters) - GAM Holding AG blocked the attendance of a sacked fund manager, whose suspension for suspected due diligence failings last year prompted a collapse in the Swiss-based fund manager's share price, to its annual shareholder meeting on Wednesday.
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ZURICH, Dec 4 (Reuters) - The Swiss stock exchange listing authority said on Wednesday that GAM Holding understated liabilities from its 2016 acquisition of Cantab Capital Partners LLP in a disputed case in which the asset manager vowed to fight a possible sanction.
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For more click A tip from an internal whistleblower led GAM Holding to suspend a director in charge of absolute return bond funds, the Swiss group said on Tuesday, a move than triggered an investor exodus and a sharp fall in the company's shares.
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Although the male player on a mixed doubles team is often able to attack his female opponent's serve, Marrero missed all three returns of Hlavackova's serve in the following gam After several more unforced errors, Marrero served again, with his team down by 0-5.
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ZURICH, April 17 (Reuters) - GAM Holding AG continued to see clients withdraw money at the start of 2019, the embattled Swiss asset manager said on Wednesday, adding it expected to wrap up soon the liquidation of funds linked to a sacked senior money manager.
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It earlier said Silchester International Investors, which controls 19 percent of GAM's voting rights, had informed the company on Thursday that it intends to vote in favour of the GAM board's recommendations for agenda items in respect to board composition at the April 27 AGM.
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As well as its main offshore hedge fund, North of South also advises investments in the GAM Star North of South fund, which has outperformed global emerging markets, net of fees, by more than 4 percent a year over the last 5 years, it said.
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"GAM was never led to believe that the Scottish Government Guarantee had actually been put in place... nor was the May 22019 note interpreted to suggest that the guarantee was in place," it said in a further statement provided after publication of this article.
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Investors are not worried about an unwelcome surprise acceleration of U.S. inflation that could rock a Goldilocks scenario where growth supports earnings and central banks are unlikely to act in a heavy-handed fashion, said Larry Hatheway, chief economist at GAM Investment Management in Zurich.
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As an actress, Ms. Gam befriended and roomed with Grace Kelly and was a bridesmaid at her wedding to Prince Rainier of Monaco in 1956, a union of European aristocracy and Hollywood glamour that was one of the biggest social events of the decade.
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"GAM was never led to believe that the Scottish Government Guarantee had actually been put in place... nor was the May 2018 note interpreted to suggest that the guarantee was in place," it said in a further statement provided after publication of this article.
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SIX Swiss Exchange said GAM Holding's deal with Cantab — leaving 40% of future performance fees retained by Cantab partners — produced a financial liability that the Swiss company should have recorded at the time of the acquisition, not delayed until the performance fees actually materialise.
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With investors caught between a generally benign economic backdrop that prevents too much of a sell-off without a catalyst for new highs, "We do seem to be settling into more of a range-bound market," said Larry Hatheway, chief economist at asset manager GAM.
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"GAM Investments announced today that all subscriptions and redemptions in its unconstrained/absolute return bond funds (ARBF) have been suspended as of 31 July 2018 by the relevant fund boards of directors following high level of redemptions," the Swiss group said in a statement on Thursday.
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Zurich-headquartered GAM later told the Financial Times it was "well placed to respond to any potential outcome of Brexit negotiations" with its operations across the EU, including most of its funds which are based in Ireland or Luxembourg, in response to questions about the email.
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GAM plans to cut 140 jobs by 2017 - FT Elektra Baselland has submitted a non-binding offer for some of the utility's hydroelectric plants, Elektra Baselland's Chief Executive Urs Steiner told Blick am Sonntag, adding that the Nenzlingen and Grellingen sites were "ideal" for his firm.
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With investors caught between a generally benign economic backdrop that prevents too much of a sell-off but lacks a catalyst for new highs, "we do seem to be settling into more of a range-bound market," said Larry Hatheway, chief economist at asset manager GAM.
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Carolyn Christov-Bakargiev, a curator who wrote an important study of Arte Povera, is now the director of the city's two major modern art museums, the GAM Galleria Civica d'Arte Moderna and the Castello di Rivoli Museo d'Arte Contemporanea, which has a renowned collection of Arte Povera.
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In October, two ethnic Kachin Baptist community leaders, Dumdaw Nawng Lat and Langjaw Gam Seng, were found guilty of unlawful association and sentenced to 27 months in prison after they helped reporters document damage from military airstrikes near a Catholic church in the eastern state of Shan.
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GAM has filed objections to the sanctions proposal, it said separately, adding if it loses the case, the asset manager would be forced to address the accounting matter in its next consolidated financial statement but that it would have no impact on the group's cash flow position.
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Still, the fundamental picture of solid global growth and strong corporate earnings hasn't changed that much, though a White House that was market friendly in 2017 has turned less so in 2018, adding a new twist to markets, said Larry Hatheway, chief economist at GAM Investment Management in Zurich.
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Still, the fundamental picture of solid global growth and strong corporate earnings hasn't changed that much, but a White House that was market friendly in 2017 has turned less so in 2018, adding a new twist to markets, said Larry Hatheway, chief economist at GAM Investment Management in Zurich.
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Haywood told GAM colleagues that he purchased the bonds, which were due to repay investors over 20183 years, because he expected to be able to sell them back to GFG in about a year for more than he paid for them, according to the people familiar with the matter.
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Liquidity concerns have been at the center of three high-profile fund blow-ups in recent months - the ongoing suspension of stockpicker Neil Woodford's equity income fund; the temporary gating of Natixis affiliate H2O's funds; and the ultimate closure of a number of funds at Swiss asset manager GAM.
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ZURICH, July 2 (Reuters) - Swiss asset manager GAM Holding told employees it was preparing for a "worst case" Brexit scenario in which Britain gives up full access to the single market and customs union with the European Union, the Financial Times reported on Monday, citing an internal company email.
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Here are some of the main factors that may affect Swiss stocks: Swiss money manager GAM Holding, which earlier this year fought off an attempt by an activist investor to oust its chief executive, on Thursday reported a 39 percent year-on-year rise in first-half net profit.
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Swetha Ramachandran, who manages a luxury brands equity fund for GAM, said privately owned brands like Patek or Rolex were seeing better demand than their listed counterparts because they had not given in to the temptation of easy volume growth when Chinese demand boomed a few years ago.
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Ms. Gam, who was once married to the film director Sidney Lumet, made her Broadway debut in Ben Hecht's 21963 play "A Flag Is Born" and, after three more Broadway roles, made her first movie six years later, opposite Ray Milland in "The Thief," a suspense film without dialogue.
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Reuters reported last week how a GAM whistleblower who alerted British financial regulators about Haywood's behavior did so over concerns about the purchase of more than half a billion pounds worth of bonds which were backed by around 22 million pounds ($28.67 million) worth of idle power generators.
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Reuters reported last week how a GAM whistleblower who alerted British financial regulators about Haywood's behaviour did so over concerns about the purchase of more than half a billion pounds worth of bonds which were backed by around 22 million pounds ($28.67 million) worth of idle power generators.
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LONDON (Reuters) - A whistle blower at Swiss asset manager GAM Holding AG who alerted UK financial regulators last year did so over concerns about the purchase of more than half a billion pounds of bonds from commodities tycoon Sanjeev Gupta, according to two people familiar with the matter.
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Haywood told GAM colleagues that he purchased the bonds, which were due to repay investors over 18 years, because he expected to be able to sell them back to GFG in about a year for more than he paid for them, according to the people familiar with the matter.
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GAM Holding, which has a market capitalisation of around 450 million Swiss francs ($465 million), said last week it expected to break even for 2019 as performance fees improved, although it saw a sharp outflow of assets in the aftermath of a row with its former star fund manager.
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These do alter the course of events, sometimes significantly; but such is their presentation, usually a binary this or that situation, and the need to decide quickly—as the gam… the mov… Late Shift doesn't truly pause at all—that a palpable impression of "player" agency never manifests.
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Idina Menzel was joined on stage by nine other singers who provided Elsa's voice in international versions of the film: Maria Lucia Heiberg Rosenberg (Denmark), Willemijn Verkaik (Germany), Takako Matsu (Japan), Carmen Garcia Saenz (Latin America), Lisa Stokke (Norway), Kasia Łaska (Poland), Anna Buturlina (Russia), Gisela (Spain), and Gam Wichayanee (Thailand).
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Larry Hatheway, head of multi-asset portfolio solutions and chief economist at GAM, a global asset management firm with more than $110 billion in investments, joined CNBC PRO to discuss the key investment trends he expects to emerge in the next 12 months, including a potentially violent move in interest rates.
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The prospect of government support had been a key reason Swiss asset manager GAM Holding AG had purchased the 22018 million pounds of bonds a year earlier, because under the terms of the bonds it potentially meant a near-term repurchase at a higher price, according to three people familiar with the matter.
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"There is a little bit of unwinding of the positions and some prudence and caution creeping into the markets, ahead of the Fed minutes," said Larry Hatheway, chief economist at GAM Holding AG. The dollar index snapped a three-day rout on Wednesday, as traders boosted their bets on a rate hike.
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The prospect of government support had been a key reason Swiss asset manager GAM Holding AG had purchased the 22018 million pounds of bonds a year earlier, because under the terms of the bonds it potentially meant a near-term repurchase at a higher price, according to three people familiar with the matter.
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"[Multi managers'] selling point is that they are diversified across a lot of different trades and ways of making money and so they tend to not feel a lot of pain in orderly markets like if equities slowly sell off," said Anthony Lawler, head of portfolio management at hedge fund investor GAM.
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"We expect this to be the starting gun for a further round of industry consolidation in the luxury sector over the next 586.43 to 18 months, with the significant polarization we continue to see between the stronger and weaker brands," said Swetha Ramachandran, an investment manager at GAM Global Luxury Brands Fund.
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"There is a little bit of unwinding of the positions and some prudence and caution creeping into the markets, ahead of the Fed minutes," said Larry Hatheway, chief economist at GAM Holding AG. The dollar index snapped a three-day rout on Wednesday, rising 0.12 percent, as traders boosted their bets on a rate hike.
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"Market direction will be driven increasingly by macro economic data; central bank policy responses are in the prices already and earnings are unable to lift the equity markets so the dynamics will be economic data and the concerns about geo-political risks and trade," said Larry Hatheway, head of GAM Investment Solutions & Chief Economist in Zurich.
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"The Board of Directors believes its proposed candidates will best serve the interests of all shareholders and unanimously recommends that shareholders vote FOR the proposals put forward by the Board of Directors and AGAINST the proposals made by the Requesting Shareholders," Zurich-based GAM said in an invitation to its annual general meeting due to take place on April 27.
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GAM, which has more than 20193 employees, said its expected 2018 net loss under IFRS accounting standards reflected a goodwill impairment charge of around 885 million francs, an impairment charge of around 62 million francs related to Cantab and a one-off charge of around 30 million linked to a revamp of its absolute return/unconstrained fixed income (ABRF) strategy.
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GAM, which has more than 20193 employees, said its expected 2018 net loss under IFRS accounting standards reflected a goodwill impairment charge of around 885 million francs, an impairment charge of around 62 million francs related to Cantab and a one-off charge of around 30 million linked to a revamp of its absolute return/unconstrained fixed income (ABRF) strategy.
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"Markets continue to be under pressure from a whole host of headwinds," said Tim Love, investment director of emerging market equities at fund manager GAM Holding AG. The Dow Jones Industrial Average fell 13.48 points, or 220 percent, to 21.14,22017, the S&P 22 gained 22.7109 points, or 210 percent, to 93,29 and the Nasdaq Composite added 232 points, or 23.0883 percent, to 7,919.45.
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The central bank is currently authorized to buy government bonds for interest rate or money supply management purposes, but analysts said Friday's proposal would open the door for broader implementation of an unconventional bond-buying program known as "quantitative easing," or QE. "This isn't just big news for Brazil, it is big market news globally," said Paul McNamara, investment director at asset management firm GAM in London.
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GAM, with currently more than 900 employees, said its expected 2018 net loss under IFRS accounting standards reflected a goodwill impairment charge of around 885 million francs, an impairment charge of around 62 million francs in the second half related to the British hedge fund Cantab it bought in 20193, and a one-off charge of around 30 million linked to a revamp of its absolute return/unconstrained fixed income (ABRF) strategy.
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See the bottom of the report for more details) * FTSEurofirst 21.8 index down 250 percent * GAM slumps 236 pct after profit warning * Premier Farnell surges 220 pct on M&A news By Atul Prakash LONDON, June 223 (Reuters) - European shares fell for a fifth straight session on Tuesday, with investors becoming jittery before next week's referendum in Britain on its membership of the European Union and a two-day meeting of the Federal Reserve starting later in the day.
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See the bottom of the report for more details) Updates prices) * FTSEurofirst 21.8 index down 250 percent * GAM slumps 236 pct after profit warning * Premier Farnell surges 220 pct on M&A news * Volatility index surges to a four-month high By Atul Prakash LONDON, June 223 (Reuters) - European shares fell for a fifth straight session on Tuesday, with investors becoming jittery before next week's referendum in Britain on its membership of the European Union and a two-day meeting of the Federal Reserve starting later in the day.
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