The asset manager warns that its assets under management were impacted by this year's volatile markets.
Zurich-based GAM is expecting to post a loss before tax of approximately 15 million Swiss francs, compared to a 0.8 million franc profit for the same period last year, it said in an emailed update Monday ahead of its half year results next month.
GAM’s funds and investments were impacted by negative market movements, causing its assets under management (AuM) to fall to 83.2 billion francs in the first half of the year from almost 100 billion francs on December 31, 2021.
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Due to its decline in AuM, GAM expects to report a non-cash impairment charge of approximately 264 million francs resulting in a loss of approximately 275 million francs. The amount is significantly higher than its 2.7 million francs loss in the first half of 2021.
The asset manager will report its half year earnings on August 3.
