ZURICH – Swiss asset manager GAM Holding has returned the full value and more of a fund linked to shuttered supply chain finance firm Greensill, it told employees in an internal memo on Thursday.
“GAM announced today that it had returned over 100% of value of the GAM Greensill Supply Chain Finance Fund to its clients,” the asset manager said in an internal memo seen by Reuters.
“Final payments to clients were made on 28th January 2022 and the closure of this fund marks the end of GAM’s legacy business relationship with Greensill.”
Greensill collapsed in March 2021, just days after Credit Suisse closed its funds linked to the Softbank-backed financing group and GAM followed suit, winding down its own fund.
Credit Suisse is still working to return funds to its clients.
(Reporting by Oliver Hirt, writing by Brenna Hughes Neghaiwi, editing by Michael Shields)