A finance firm that employs former UK prime minister David Cameron has seen one of its funds almost halve in size over the past week, as investors continue to pull money from the investment vehicle run in partnership with the scandal-hit Swiss asset manager GAM.
The GAM Greensill Supply Chain Finance fund, which aims to make money by paying a company’s suppliers early in return for a small premium, has seen its assets drop from €736m to €391m over the week to Tuesday, according to the most recent Bloomberg data. This is a sharp plunge from the over €2.1bn of assets in the fund one month ago.
GAM has been in the headlines since last summer, when it suspended star fund manager Tim Haywood, initially with little explanation. Mr Haywood was found to have invested large sums in highly illiquid bonds linked to Greensill Capital, which was set up by Australian financier Lex Greensill.
