Swiss asset manager GAM Investments is set to close its Hong Kong office next year, transitioning to a new partnership with local firm Sun Hung Kai & Co. (SHK & Co.). Established in Hong Kong since 1985, GAM, managing USD75.8bn globally, will form a strategic alliance with SHK & Co., focusing on alternative investment and wealth management. Despite this closure, GAM’s presence will persist through SHK & Co., which will distribute and manage GAM’s funds across greater China starting August 1. Some of GAM’s Hong Kong staff will join SHK & Co., while others may relocate to Singapore, where GAM is expanding and seeking a capital markets licence. This move aims to streamline operations and manage costs amid a challenging market, even as GAM recorded a USD55.8m loss in 2023.