Assets under management at Zurich-based asset manager GAM Investments dropped to £79.8bn over 2021, down from £97.3bn at the end 2020, triggering a revision of its 2024 financial targets.
Investment management client outflows were up at £3.5bn, while fund management services recorded net client outflows of £16.4bn, which the firm said was primarily due to one large client departure. In terms of performance, equities and fixed income made gains, however, with 68% and 60% of assets under management outperforming their benchmarks over three and five years respectively. Underlying losses improved last year, compared to 2020, with losses before tax of £7.7m, compared with £11.9 in losses at the end of 2020. "2021 was a pivotal year of strategic progress for GAM, which ha...
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