Swiss asset manager GAM is looking to boost its US offshore team by mid-year amid plans to supercharge its coverage of the non-resident client advisor market.
The Zurich fund house is on the hunt for a New York-based senior distribution manager to cover intermediaries and family offices in Florida, Texas and California, according to Daniel Durrer, GAM’s head of distribution for Continental Europe and Latin America. He added the firm hopes to make a hire in the second quarter of 2018.
A $168 billion manager, GAM has an office in New York where the firm’s offshore client director Carmen van Roon Pence is based. Durrer said GAM already has US offshore clients, though he couldn’t reveal assets under management for the segment.
The firm also has agreements with companies such as UBS and Merrill Lynch and a couple more partnerships in the pipeline, Durrer added.
‘Now we need the manpower on the road,’ he said. ‘We need the manpower mainly in Miami to do the floor work with the big banks there, talk to the advisors, to expose them to our three or four key strategies. That’s the basic bit which now is missing and that’s why need the person to get this additional exposure.’
In the current environment, US offshore clients have been demanding liquid alternatives and fixed income strategies, Durrer said. Funds that have stood out include:
- GAM Multibond - Local Emerging Bond, run by Paul McNamara, Denise Prime and Caroline Gorman
- GAM Star MBS Total Return, managed by Citywire AAA-rated Tom Mansley
- GAM Star Credit Opportunities, run by Citywire AAA-rated managers Anthony Smouha and Grégoire Mivelaz
- GAM Star Emerging Market Rates USD Acc, managed by Paul McNamara, Denise Prime and Caroline Gorman
GAM has also built out a presence in Latin America, and now the firm is considering the launch of a feeder fund in Brazil for one of its European equities strategies, Durrer said. He also said Mexican clients have shown interest in Europe.
‘There’s really some catch-up potential there and they see that maybe Europe offers more potential than maybe the US, which has been pushed quite hard. So we see a lot of interest for European equities.’
The Swiss manager distributes its funds in Uruguay, Brazil, Mexico, Chile, Peru and Colombia. It covers the region from its offices in London and Madrid, and also through an agreement dating back to 2006 with Santiago-based distributor Swiss Advisors for the Andean region.
Eventually, however, Durrer said GAM might potentially open an office in Latin America if the firm determines it needs to be closer to clients. He highlighted Uruguay as a potential location.