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Fleeing Investors Heighten Strain on $165 Billion Swiss Firm

  • GAM shares plunge in Zurich after asset manager freezes fund
  • This is the latest in series of setbacks for GAM CEO Friedman
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Alexander Friedman’s GAM froze withdrawals from some bond funds. Bloomberg’s Elisa Martinuzzi reports. Source: Bloomberg
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Alexander Friedman is struggling to contain the damage of a series of troubling missteps at the Swiss investment firm he’s run since 2014.

The latest came this week, when GAM Holdings AG took the unusual step of freezing withdrawals from some of its bond funds following what amounted to a run on those portfolios. The reason for investors’ angst: news that GAM had suspended a prominent money manager for possible problems with risk management and record keeping.