Greensill Crisis of Confidence Worsens as GAM Winds Down Fund

Greensill Capital lost another longtime ally after GAM Holding AG said it’s ending dealings with the firm, further increasing pressure on founder Lex Greensill as he races to stave off insolvency.

The Swiss asset manager will begin shuttering its $842 million GAM Greensill Supply Chain Finance Fund and return investors’ money in the latest sign of the crisis of confidence hitting Greensill’s niche financial firm. Credit Suisse Group AG on Monday said it froze $10 billion of Greensill-linked investment funds, citing uncertainty about the value of some of the holdings. SoftBank Group Corp.’s Vision Fund, once a key backer, now ...