Investment management AUM decline to send GAM profits 92% lower
IM AUM falls 14% to CHF48bn
GAM told the SIX Swiss Exchange that pre-tax profits would be "materially lower"
GAM Holding AG expects to see a 92% slump in profits to just CHF10m (£8m) for 2019, due largely to a 14% decline in its investment management businesses assets under management (AUM).
In an update provided to the SIX Swiss Exchange, GAM said pre-tax profits, excluding non-recurring and acquisition-related items, would be "materially lower" for the full-year 2019 than 2018's CHF126.7m...
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