AuM data
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The fund lists Twelve, Swiss Re and Cambridge Associates as managers. -
AuM in GAIA Cat Bond Fund had grown to $3.9bn as of 31 May.
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The firm said it was the first time a UCITS cat bond fund passed the $4.0bn mark.
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The fund was set up 18 months ago by cat bond investor Florian Steiger.
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This followed a $650mn fall in April, after management change of the fund.
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The Swiss pension fund has not disclosed an ILS allocation before.
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Some assets in the Medici Fund were transferred to a new UCITS strategy.
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The ILS manager’s total AuM increased to $2.2bn in 2024 from $1.7bn the year prior.
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Fermat and GAM announced that the former will take sole control of the GAM FCM Cat Bond Fund.
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January’s California wildfires meant third-party investors suffered a loss of $195.3mn.
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The Swiss rail pension scheme has been cutting its ILS allocation since 2018.
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The Swiss pension fund’s ILS allocation stood at 4.9% of the total fund as of 25 March.
