GAM expects to reduce losses by more than 90%

James Baxter-Derrington
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GAM expects to reduce losses by more than 90%

Swiss asset management firm GAM expects to report a full-year loss of CHF30m (£24m) for 2021, a 92% reduction in its 2020 full-year loss of CHF388.4m (£311m).

The IFRS net loss after tax figure for 2020 was largely comprised of a CHF377.7m (£302.5m) impairment charge linked to legacy goodwill payments related to its acquisition by UBS and then Julius Baer.

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GAM also expects to report an underlying loss before tax of approximately CHF10m (£8m) for the full-year 2021, a reduction of roughly a third from its CHF14.9m (£11.9m) figure for 2020.

It will announce its full-year results on 17 February 2022.