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Bloomberg

GAM Fund Managers McNamara, Biggs Exit Amid Gramercy Deal

Two of the longest-serving fund managers at GAM Holding AG are leaving, as the Swiss asset manager outsources its emerging-market debt strategies to Gramercy Funds Management LLC. Emerging markets debt fund manager Paul McNamara will retire this year, according to a GAM statement on Monday. The asset manager also announced the strategic partnership to delegate the business to Gramercy, which is chaired by Mohamed A. El-Erian. Michael Biggs will leave for another firm in April, according to a person familiar with the matter.