The Swiss asset manager is still struggling to reverse the tide of withdrawals.
Clients of Zurich-based GAM pulled 1.2 billion Swiss francs ($1.3 billion) in funds from its main investment arm during the third quarter, it said in a statement on Thursday. This, along with foreign currency swings, depressed its overall assets to 33.4 billion francs, from 34.8 billion francs.
Its overall assets suffered the exit of a weighty private label client, which it disclosed earlier this year. They stood at 103 billion francs, compared to 126 billion francs in June.
Deepening Measures
The report illustrates that more than three years after its own entanglement with Greensill surfaced publicly, GAM is still struggling to retrench. CEO Peter Sanderson has ordered dramatic spending cuts, folded a systematic trading acquisition from 2016 into its business and, last month, shutting a Lugano office.
«I am encouraged by the net inflows into our equity strategies and the increased momentum in our client relationships, but recognize that we need to maintain our focus on achieving
overall net inflows,» Sanderson said in the statement. He has enticed a series of hires including former associates from Blackrock, his previous employer, in his revival bid.
