GAM Holding, a Switzerland-based wealth management and investment firm, has reported that assets under management (AuM) in investment management unit slipped marginally to CHF69.6 billion at the end of March 2014, compared to CHF69.8 billion at the end of December.
In its interim management statement, the group aid that the investment management unit experienced the tail end of outflows which began in late 2013, with client flows turning positive in March.
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Flows into the group’s largest flagship absolute return/unconstrained bond and local emerging debt strategies were negative for the three months in total but stabilised towards the end of the quarter, on the back of a marked improvement in investment performance in both strategies.
"In particular institutional interest in the absolute return/unconstrained bond fund remained resilient, producing net inflows for the quarter," the statement added.
Low-margin money market funds and the physical gold ETF also experienced market-driven net new money outflows across the reporting period.
GAM added that its alternative investments solutions benefited from a number of institutional mandate wins for its risk premia solution, offsetting ongoing redemptions from its trading strategy where absolute performance continues to remain soft.
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By GlobalDataPrivate Labelling – the area providing outsourcing solutions to third parties and contributing around 6% of the group’s revenues – ended the quarter with AuM of CHF45.7 billion. Assets were up CHF 1.1 billion from 31 December 2013.
Net inflows were recorded mainly in Luxembourg-domiciled and offshore funds, while funds domiciled in Switzerland experienced net outflows.
