Global Asset Management (GAM) has picked James Abate to manage its new GAM American Focus Hedge Fund, which will launch on May 24.
The new hedge fund will use an opportunistic long / short strategy and will be a concentrated, risk controlled portfolio, normally comprising 35-50 long positions and 25-50 short positions.
The fund will focus primarily on large and mid cap stocks from the Standard & Poor's (S&P) 500 index. GAM said that no single position will represent more than 6% of net assets, and that net exposure will range from a low of 0% (market neutral) to a high of 150% of net assets.
Abate, who joined GAM in January, was previously managing director and portfolio manager for Credit Suisse Asset Management's (CSAM) US select equity portfolios. He was portfolio manager of the Credit Suisse Transatlantic fund, the Credit Suisse Equity Fund USA, the CS Warburg Pincus Focus Fund, and a sub advisor of the CI American Fund.
By Geoffrey Ho
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