AuM data
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The Swiss pension fund has not disclosed an ILS allocation before. -
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.
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Fees on the GAM Star cat bond funds will drop in May in a recognition of fee competition in the market.
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Most of the ILS investments were made via the cat bond heavy High Yield Fund.
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Many UK pension funds are over-funded and lack appetite for higher-risk, higher-yield products.
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ILS as a percentage of the pension fund’s total assets grew to 1.5%.
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The UK listed investment manager has almost doubled its ILS allocation since April last year.
