GAM Closes Lugano Funds, Cuts Jobs; Top Talent Joins Hawtin's Team
GAM is closing several funds managed in Lugano, leading to potential job losses. Gianmarco Mondani, head of the non-directional equities team, has already departed. Meanwhile, Jian Shi Cortesi, Swetha Ramachandran, and Roberto Bottoli will join Mark Hawtin's equities team, which oversees around $2.5 billion.
GAM is shutting down five funds in Lugano: Star European Alpha, Absolute Return Europe Equity, Star European Momentum, Star Global Alpha, and Star Convertible Alpha. These closures may result in up to 16 out of the current 20 Lugano-based employees leaving the company. The total assets under management by these funds amount to approximately €258 million. The search results do not reveal the specific names or positions of the remaining 13 employees who might lose their jobs.
GAM aims to return all funds to clients within a few weeks. The fund closures and subsequent job losses reflect GAM's ongoing strategy to streamline its operations and focus on core strengths. Meanwhile, three experienced professionals are joining Mark Hawtin's equities team, bolstering its capabilities.
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