GAM expects to reduce losses by more than 90%

Follows impairment charge

Swiss asset management firm GAM expects to report a full-year loss of CHF30m (£24m) for 2021, a 92% reduction in its 2020 full-year loss of CHF388.4m (£311m).

The IFRS net loss after tax figure for 2020 was largely comprised of a CHF377.7m (£302.5m) impairment charge linked to legacy goodwill payments related to its acquisition by UBS and then Julius Baer. FCA issues fines to GAM and Tim Haywood over absolute return bond saga GAM also expects to report an underlying loss before tax of approximately CHF10m (£8m) for the full-year 2021, a reduction of roughly a third from its CHF14.9m (£11.9m) figure for 2020. It will announce its full-year results on 17 February 2022.