GAM's services business loses £8.5bn mandate

'Strong pipeline'

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GAM’s fund management services arm has lost a 10.5bn Swiss franc (£8.6bn) mandate, following a decision by its client to take the assets in-house.

According to GAM, the unnamed client has around CHF 11.5bn allocated to it, garnering associated revenues of around CHF 6m per year, which represents less than 3% of the fund manager's net fee and commission income for 2021. Following the announcement on Wednesday (30 March), the client will bring the CHF 10.5bn in assets in house to be managed by their existing management services firm from April next year. GAM AUM drops £17.5bn in 2021 forcing targets review Around CHF 1bn of assets will continue to be managed by GAM Fund Management Services. GAM claimed that its management ar...

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