Zurich-based asset manager GAM showing signs of improvement in its first half 2021 performance.
GAM said it expects to cut its first half net loss to 3 million Swiss francs ($3.3 million) when it officially releases results on 4 August, according to an ad hoc message sent Thursday. This result was a massive improvement from the same period a year earlier, when it recorded a loss of around $426 million.
First Quarter Outflows
The group is also expecting pre-tax operating profit of about $1.2 million, an improvement from a $2.2 million loss a year earlier.
The company may have benefited from an extraordinarily good environment for the asset management business. Despite that, GAM reported high outflows of assets in the first quarter. In 2021, the investment manager wants to save about $16 million in personnel and fixed costs.
