GAM to consolidate London offices as dollar drop hits AUM

Investment manager GAM is to cut down its London and Zurich locations after revealing a drop in the US dollar kept AUM flat in Q3.

The group said in its interim management statement that assets under management were unchanged as of 30 September at CHF72.1bn (£49.5bn). That was due to a 5% fall in the value of the US dollar against its Swiss franc reporting currency, which offset positive market movements over the quarter. Total net new money flows, meanwhile, were "very modest", the group said. Some higher-margin areas saw strong inflows but products such as physical gold ETFs saw redemptions. GAM said it has integrated a number of teams at both group level and at Swiss & Global Asset Management. A consolid...