Fermat Capital Management
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Victory Pioneer Cat Bond Fund also added assets in the past month. -
The merged business of Twelve Securis ranked third among ILS managers for AuM, behind Fermat and RenRe.
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M&A and shifts in distribution arrangements bring risks and opportunities.
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This followed a $650mn fall in April, after management change of the fund.
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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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Commutations need to be optimal for the sponsor and the investor to avoid sponsors taking back chunky risks.
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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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This comes after the firm’s distribution partner GAM has had a challenging few years.
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Brokers expect strong competition at remote risk layers at the 1 January renewal.
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The executive explored ILS options as MD of hedge fund Horton Point post financial crisis.
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The moves mark a major step in realising “trillion dollar” casualty ILS potential, according to Ledger Investing CEO Samir Shah.
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The ILS manager leaderboard demonstrates the ongoing popularity of cat bonds.
