Overview
GIML has been in business since 1984 and offers portfolio management services to its clients on a discretionary
basis, based upon the individual needs and objectives of each client. The firm is ultimately owned by GAM
Holding AG, an independent asset management firm that is headquartered in Zurich, Switzerland, and whose
shares are listed on the SIX Swiss Exchange. GIML is authorized and regulated by the UK Financial Conduct
Authority in addition to being a registered investment adviser with the SEC under the Investment Advisers Act
of 1940 (the “Advisers Act”) and a registered Commodity Pool Operator (CPO) and Commodity Trading Adviser
(CTA) with the CFTC under the Commodity Exchange Act.
As of December 31, 2023, GIML’s assets under management were approximately USD 20.2 billion. All the
assets are managed on a discretionary basis.
GIML offers various investment products and services through separately managed account and investment
fund structures using both fund of funds and single-manager strategies. Fund of funds strategies involve
allocating a client’s assets among a portfolio of funds and accounts managed by other investment managers,
including private funds that operate pursuant to an exemption from registration-as an investment company
under the Investment Company Act of 1940, as amended (the “Investment Company Act”), and are offered to
U.S. clients and investors in private placements pursuant to Regulation D under the Securities Act of 1933, as
amended (the “Securities Act”). Single-manager strategies involve investing a client’s assets directly in shares,
bonds or other instruments in investment strategies as described below. GIML does not provide financial
planning services.
Each of GIML’s investment teams pursues their own individual approach and preferred investment style so that
they have the flexibility to implement their talents to the greatest effect, but within the wider risk control
framework provided by the GAM Group. Many of our third-party managers have been discovered by GAM
group’s hedge funds research team as part of its due diligence process. These selective partnerships enable
clients to gain access to many high-calibre, well-established managers who previously either have only been
available via funds of funds, to institutional investors or only via offshore vehicles.
Institutional Accounts
GIML offers institutional investors the flexibility of investing through individually customized managed accounts
or dedicated single investor private funds, or U.S. and non-U.S. domiciled commingled funds designed for
multiple investors that are managed by GIML or one or more of its affiliates (these commingled funds are
referred to as “GAM Funds”). For the purposes of convenience, the privately offered funds and other client
accounts that GIML manages or advises are sometimes referred herein as “GAM Accounts.”
GAM Accounts may invest:
• directly in securities, commodities, currencies, derivatives and other financial instruments.
• in other pooled investment vehicles, including GAM Funds managed by affiliates of GIML in the GAM group
of companies (the “GAM Group”) and/or funds managed by other unrelated asset managers (“Portfolio
Managers”);
• in separate non-U.S. investment vehicles established or formed by an affiliate of GIML and typically
managed by Portfolio Managers, which are generally only available to investment advisory clients of a
member of the Group; or
• with Portfolio Managers via one or more fund of funds commingled managed account platforms.
In relation to U.S. domiciled funds, GIML may act as sub-adviser to GAM USA Inc., a U.S. based SEC-
registered investment adviser and an affiliate of GIML. Where a client is invested in a separately managed
account or dedicated private fund, the client may impose restrictions on investing in certain securities or types
of securities. This is not possible where an investor chooses to invest in a GAM Fund.
Single Manager Mandates
GAM Funds and accounts may utilize a wide range of investment strategies, depending on the specialty of the
individual fund manager. Prospective investors should refer to the governing materials for the relevant GAM
Fund. GAM Funds are typically set up as British Virgin Islands or Cayman Islands incorporated companies,
Ireland or Luxembourg based UCITS funds or U.S. domiciled funds. For some funds, GIML as investment
adviser may delegate to a third-party manager who has specific expertise in that particular mandate or strategy,
as detailed in the relevant governing materials for that GAM Fund.
Fund of Funds Mandates
The research team uses quantitative and qualitative methods to identify what the team believes are the most
promising Portfolio Managers for potential investment. The team analyses each Portfolio Manager’s investment
approach to identify the source and repeatability of the Portfolio Manager’s performance. The size of a portfolio
position is generally based upon the strength of the investment case and the Portfolio Manager’s expected
return, risk and correlation objectives. Various risk management tools are used throughout the investment
process in order to better understand the sources of risk and reward in a particular portfolio. Strategy-specific
investment professionals dedicated to particular market segments and geographic sectors conduct the
research.
A separate team (the “Operational Due Diligence Team”) conducts initial operational due diligence and ongoing
assessments of the key non-investment risks of the underlying Portfolio Managers and certain of the underlying
funds’ key service providers. The Operational Due Diligence Team has the power to veto any underlying
fund/Portfolio Manager selection decision about which it has operational concerns.
The AIS investment process provides discipline and risk management, which can be summarized in five stages:
• Establish objectives and weights - portfolio objective and allocation guidelines;
• Identification of Talent - quantitative and qualitative analysis;
• Manager Evaluation - investment and operational due diligence, performance expectations;
• Portfolio Construction - portfolio modeling; and
• Risk Management - Portfolio Managers, portfolio and risk monitoring
Some of the above functions are performed by employees of GIML affiliates located in New York and Zurich.