The Swiss asset manager is shuffling staff in its global equites team, clearing out the Lugano office and closing a swath of funds.
GAM is closing five funds worth a total of 258 million euros ($302 million), and moving fund managers Jian Shi Cortesi, Roberto Bottoli and Swetha Ramachandran into its global equities team, according to a statement Thursday.
The company periodically closes funds that are too small to be managed efficiently, it says.
Ticino Exodus
Gianmarco Mondani, who headed the non-directional equity team, has decided to leave the company following the fund closure. Another 16 employees in Lugano will leave the firm, the statement says.
GAM expects to return all the money in the funds to clients in a few weeks.
At the company's first half year results GAM announced net outflows in its core division as well as drawing up a plan to return to profit.
