Struggling GAM reports more outflows

Expects market to 'remain volatile'

Beleaguered Swiss fund manager GAM reported further outflows for the third quarter, albeit less dramatic than those it has suffered in some periods in recent years.

Group assets under management (AUM) rose to CHF120.4bn as at 30 September 2020, up from CHF119.4bn as at 30 June. In investment management, the company saw net outflows of CHF2.4bn, partly offset by positive net market and FX movements of CHF0.8bn. AUM totalled CHF33.9bn.  In the company's private label business, AUM edged up to CHF86.5bn, from CHF83.9bn, helped by inflows of CHF0.4bn. GAM shares were little changed in early trade, but are down more than 90% on their level of five years ago. In 2018, it suffered massive outflows and had to close some funds. Fixed income chief Ti...