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GAM Multi-Arbitrage will re-open to subscriptions on 28 March 2005. This is the latest GAM fund to re-open to subscriptions.


GAM Multi-Arbitrage was capped on 23 February 2004 to protect existing investors and given the rate and volume of inflows at the time, to allow a period of consolidation in order to protect the desired blend and balance of investment strategies.


The total value of subscriptions accepted for each monthly dealing day will be limited to between USD 30 million and USD 50 million (net of redemptions).


GAM Multi-Arbitrage will also undergo some operational changes, including minor changes to the fund's class names and increases in minimum investment subscription levels.


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