GAM takes CHF16bn hit to AUM ahead of results

Swiss fund house GAM Investments has warned of a non-cash impairment charge in its results expected 3 August, as the group's AUM drops CHF16bn - blamed on the "volatile market environment". The manager's AUM declined CHF16.6bn, from CHF99.8bn at 31 December 2021 to CHF83.2bn, 80% of which it linked to negative market movements of CHF12.4bn and foreign exchange of CHF0.7bn, reports International Investment sister title Investment Week. The firm said it expected to report an underlying loss before tax of approximately CHF15m, compared to a CHF0.8m profit a year prior. Outflows from i...