GAM reopened some of its closed hedge funds of funds to new investors, with new subscription and redemption terms to better control cash flows, said Anne Gilding, spokeswoman. Redemption terms for the four GAM Composite Absolute Return funds, with combined assets of $5.1 billion, will move to monthly from weekly, and subscriptions will be accepted weekly rather than daily. The redemption period for the $446 million GAM Diversity III will remain monthly, but the notice period will increase by five days.
(correction appended)
