GAM Holding AG expects to see a 92% slump in profits to just CHF10m (£8m) for 2019, due largely to a 14% decline in its investment management businesses assets under management (AUM).
In an update provided to the SIX Swiss Exchange, GAM said pre-tax profits, excluding non-recurring and acquisition-related items, would be "materially lower" for the full-year 2019 than 2018's CHF126.7m (£100m). GAM investment head Beesley exits A slump in AUM and related revenues to CHF48bn (£38bn) as at 31 December 2019, from CHF56.1bn (£44bn) the previous year, for the firm's investment management business were blamed. The CHF10m profit in 2019 includes round CHF12m (£10m) of performance fees, compared to CHF4.5m (£4m) in 2018, it added. Overall, the group's AUM was expected ...
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