ESG & Investing
Hedge Fund Fermat Blindsided by GAM Decision to End Contract
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Fermat Capital Management said on Monday it unexpectedly lost a major contract with asset manager GAM Holding AG to help oversee a portfolio of insurance-linked securities.
The contract, a $3 billion portfolio of ILS, will instead be co-managed by Swiss Re AG starting next month, the Zurich-based reinsurer said in a statement that didn’t mention Fermat.