GAM assets fall a further CHF 16.7bn in H1

Net loss of CHF 275.2m

Total assets under management at Swiss investment house GAM fell by CHF 16.7bn in the first six months of 2022, its interim results revealed, down from CHF 68bn to CHF 56.1bn.

This depressed result comes just two weeks after it warned profits had suffered under volatile market conditions. Indeed, the company attributed almost 80% of its AUM reduction to the negative market movements and poor foreign exchange, which drove CHF 3.7bn of the CHF 4.8bn downturn. GAM repurposes underperforming fund as new OEIC for Mark Hawtin GAM confirmed that the reduction in AUM had led to it paying a non-cash impairment charge of CHF 263.6m related to the intangible brand value, with a remaining value CHF 9.4m.  Net outflows from the investment management portion of the...