NEW YORK (HedgeWorld.com)--Sold by UBS to Julius Baer late last year, GAM will be overseeing hedge fund vehicles previously established by Julius Baer in addition to its own single- and multi-strategy products, according to the Julius Baer 2005 earnings report.
As part of its integration, GAM will become the main provider of hedge fund expertise to the Julius Baer private bank, with new custom products and advisory services being developed for this purpose.
A combined single sales force in the asset management division will sell both GAM and Julius Baer funds.
Plans for this year include expanding the hedge fund team and building up distribution capability in the United Kingdom, Channel Islands and Bermuda. GAM is continuing to provide services to its previous corporate parent, UBS.
Regarding returns, the report says that more than 75% of GAM long-only and in-house hedge funds performed strongly in 2005 and multi-manager vehicles performed above the median.
As of the end of 2005, assets managed by Julius Baer were more than US$231 billion. Of this, US$99.5 billion was from GAM and three newly acquired private banks--Ehinger & Armand von Ernst, Ferrier Lullin and Banco di Lugano. This added asset pool grew by 21% year-on-year.
The rest of the bank's assets, US$132 billion, were from operations it owned prior to the late 2005 acquisitions.
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