GAM Holding AG’s UK subsidiary, GAM International Management Limited (GIML), has reached a GBP9.1 million settlement with the Financial Conduct Authority (FCA), over the operation of GIML’s conflicts of interest framework between November 2014 and October 2017 and conflicts of interest arising out of three specific investments made by the Absolute Return Bond Fund (ARBF) team between October 2016 and March 2018.
The FCA opened the investigation into GIML following the suspension of an investment director on 31 July 2018. GIML has fully cooperated with the FCA’s investigation, and settlement brings the investigation into GIML to a close. There are no other regulatory investigations into GAM.
