In This Article:
24 April 2023
PRESS RELEASE
Ad hoc announcement pursuant to Art. 53 Listing Rules:
GAM Holding AG updates on full year results 2022; issues first quarter 2023 Interim Management
Statement and sets new date for publication of 2022 annual report
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As previously announced GAM is in advanced discussions regarding strategic options for the firm.
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These include discussions with UK asset manager Liontrust Asset Management Plc about a combination of the two firms.
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Our discussions are focused on ensuring the firm is strategically positioned in the best interests of all our stakeholders.
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A further announcement will be made upon successful conclusion, which we expect on or before the 4 May.
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To successfully conclude the commercial discussions within our strategic review and finalise the annual report we are briefly delaying the publication of the annual report 2022 to 4 May 2023.
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Update on full year results 2022:
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As at 31 December 2022 total assets under management (AuM) were CHF 75.0 billion with Investment Management at CHF 23.2 billion and Fund Management Services at CHF 51.8 billion.
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In 2022, negative market movements and foreign exchange of CHF 15.2 billion accounted for over 60% of the overall reduction in assets under management.
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Investment Management net client outflows of CHF 2.6 billion during 2022 were the lowest on an absolute and relative basis since 2018.
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Fund Management Services saw net client outflows of CHF 6.0 billion partly driven by the final tranche of CHF 2.5 billion from one client having transferred their business to another provider as a part of a broader strategic relationship with that provider which was announced in January 2021.
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Good investment performance for full year 2022:
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55% of investment management assets under management outperformed their benchmark over three years as at 31 December.
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66% and 67% of GAM’s assets under management tracked by Morningstar outperformed their respective peer groups over three and five years compared to 70% and 62% as at 31 December 2021, respectively.
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Over three years 7 out of our 13 largest strategies delivered top decile, and a further two top quintile performance.
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As already announced in the ad hoc on 25 January 2023, the Group expects to report an underlying loss before tax of approximately CHF 42.8 million and an IFRS net loss after tax of approximately CHF 309.9 million for the full year 2022.
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First quarter interim management statement:
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As at 31 March 2023 Investment Management assets under management (AuM) grew to CHF 23.3 billion, with net client outflows of CHF 0.6 billion and net market and foreign exchange (FX) movements of CHF 0.7 billion compared to CHF 23.2 billion as at 31 December 2022.
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Fund Management Services AuM at CHF 48.4 billion, with net client outflows of CHF 4.7 billion, and net market and FX movements of CHF 1.3 billion compared to CHF 51.8 billion as at 31 December 2022.
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