The Zurich-based investment manager is in advanced discussions with one of several interested partners regarding its future and has postponed the publication of its results.
GAM released an interim statement for the first quarter of 2023, while delaying publication of annual results to May 4th, in a statement Monday. The investment manager also said it would use the upcoming reporting date to give further information on current merger talks with UK asset manager Liontrust Asset Management.
GAM’s assets under management (AuM) in its investment management business grew to 23.3 billion Swiss francs ($261 billion) from 23.2 billion francs as of 31 December 2022. The division saw net client outflows 0.6 billion francs in outflows and net market and foreign exchange movements of 0.7 billion francs over the quarter.
In fund management services AuM declined to 48.4 billion Swiss francs from 51.8 billion francs at the end of 2022, hit by net client outflows of 4.7 billion Swiss francs. The division saw net market and FX movements of 1.3 billion francs over the first three months of the year.
Advanced Talks
For the whole financial year 2022, GAM said total assets under management (AuM) were 75 billion Swiss francs of which 23.2 billion francs were in investment management and 51.8 billion francs were from fund management services business.
Zuercher Kantonalbank has said to have been in takeover talks with the struggling asset manager in recent months, while New York-based investment company Z Capital Group is also said to be interested.
