The Swiss asset manager warned it would once again be loss-making in 2021.
GAM will post a net loss of roughly 30 million Swiss francs ($33 million) for 2021, it said in a statement on Tuesday. This compares to a 388.4 million franc net loss in 2020.
The Swiss-based money manager's profit warning comes four years after a scandal at its flagship bond fund following an entanglement with Greensill. After a whistleblower raised alarm, GAM shut the fund, sacked the manager, returned the remaining money to investors, and settled a regulatory probe into the matter.
But it has had trouble recovering since then under CEO Peter Sanderson. On Tuesday, GAM said it expects an underlying pre-tax loss of roughly 10 million francs, from a loss of 14.9 million francs the prior year. Full results are due on February 17.
