GAM forecasts £20.5m losses for H1 2023 as AUM drops 9.7%

Full H1 results to be published in August

GAM is forecasting underlying losses before tax of CHF 23m (£20.5m) for the first half of 2023, an increase from the CHF 15.4m loss reported during the same period last year.

In a trading update today (17 July), the firm also said assets under management are also expected to fall by 9.7%, closing H1 at CHF 68bn (£60.5bn), compared with CHF 75bn (£66.8bn) at the end of December 2022. More specifically, investment management AUM was expected to total CHF 21.9bn (£19.5bn), with CHF 46.1bn (£41bn) for its fund management services business. The IFRS net loss after tax for the six-month period was forecast to be about CHF 71m (£63.2m), driven by underlying losses and an "intangible impairment" in excess of CHF 40m (£25.6m), GAM said. However, this marked a stark...