Swiss fund house GAM Investments has warned it expected to recognise a non-cash impairment charge in its results expected 3 August, as the group’s AUM drops CHF16bn.
Ahead of its financial report, the manager declared that due to the "volatile market environment", its AUM had declined CHF16.6bn, from CHF99.8bn at 31 December 2021 to CHF83.2bn, 80% of which it linked to negative market movements of CHF12.4bn and foreign exchange of CHF700m. The firm said it expected to report an underlying loss before tax of approximately CHF15m, compared to a CHF0.8m profit a year prior. Outflows from its fund management services climbed to CHF2.5bn, while its investment management arm suffered outflows of CHF1.1bn. As a result of the reduction in AUM, the firm...
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