Swiss asset management firm GAM expects a net loss of CHF400m (£339m) for H1 2020 as the firm has been forced to book a CHF410m (£348m) non-cash impairment, which was the result of goodwill payments related to its acquisitions of UBS in 1999 and Julius Baer 2005.
GAM, which reviewed these payments on Friday (19 June), said it took this decision as a result of the global coronavirus pandemic. Excluding the writedown, the firm would have expected a pre-tax loss of CHF3m (£2.5m) during the first half of this year compared to a CHF2.1 (£1.8m) profit during H1 2019. In a statement, CEO Peter Sanderson said: "We continue to see stabilisation with materially lower net asset outflows after the disruption in March caused by Covid, as well as high levels of client engagement and improvements in the investment performance of our funds. "We are making goo...
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