In an announcement at the moment GAM Investments (GAM) and Fermat Capital Administration (Fermat) mentioned that they’ve reached a mutual settlement that may see Fermat turning into the only real supervisor of the offshore GAM FCM Cat Bond Fund, with GAM to haven’t any ongoing involvement within the technique.
Fermat Capital Administration will now turn into the only real funding supervisor for the US $200 million GAM FCM Cat Bond Fund which is domiciled within the British Virgin Islands.
The pair introduced that, “Following discussions with Fermat and given the broader traits of the BVI Fund, together with its funding profile, the events have agreed that Fermat will turn into its sole funding supervisor.”
In addition they mentioned that the BVI Fund will now undergo an orderly and managed transition to Fermat.
After completion of this modification and transition, GAM may have no ongoing involvement with the BVI disaster bond fund and Fermat will take up communication with buyers within the technique.
GAM mentioned it want to “thank the BVI Fund board and our purchasers for all their help.”
This information comes on the heels of the latest change to the funding administration for the opposite GAM disaster bond and insurance-linked securities (ILS) fund methods.
Recall that, back on April 7th, global asset manager GAM announced that it’s partnering with reinsurance agency Swiss Re’s registered funding advisor unit Swiss Re Insurance coverage-Linked Funding Advisors Company (SRILIAC) on its cat bond and ILS fund methods.
That announcement noticed Swiss Re lined as much as turn into the co-investment supervisor of GAM’s ILS fund vary, together with the GAM Star Cat Bond UCITS Fund, as from Might seventh.
As we reported later that same day, April 7th, incumbent supervisor of the portfolios of GAM’s cat bond funds, Fermat Capital Administration, advised us that it was not consulted on the termination of its funding administration partnership with GAM.
As we reported earlier at the moment, following that information, the GAM Star Cat Bond Fund technique skilled outflows of investor capital, with the UCITS cat bond fund’s assets under management declining by approximately 25%, or around US $650 million, just in the month of April 2025.
