Swiss asset management firm GAM expects to report a 2020 full-year net loss of CHF380m (£309.7m) as a result of the CHF377.7m (£307.9m) impairment charge announced in its first-half results, but recorded its first quarter of positive net inflows since 2018 in the fourth quarter.
In an update published today (18 January), GAM said it also expects to report an underlying pre-tax loss of approximately CHF15m (£12.2m), compared to a CHF10.5m (£8.6m) underlying profit for 2019, when it announces its 2020 full-year results on 18 February 2021. The group has said that the impairment charges relate to legacy goodwill primarily created by the acquisition of GAM by Julius Baer in 2005 and UBS in 1999, and were announced in June last year. Struggling GAM reports more outflows GAM saw CHF0.3bn (£0.2bn) of net inflows across investment management during the fourth quar...
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