Swiss money manager GAM Holding has reported that assets under management (AuM) in its investment management unit declined to CHF73.7bn at the end of the first quarter of 2015 compared with CHF76.1bn at the end of December 2014.
Swiss franc appreciation in the first quarter following the Swiss National Bank’s decision to abandon its minimum exchange rate policy against the euro had a negative impact of CHF4.1bn on asset levels.
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On the other hand, market performance and net new money inflows led to a positive impact of CHF1.7bn. As a result, the total fall in AuM was limited to CHF2.4bn.
Assets under management in the group’s private labelling unit stood at CHF49.6bn, up by CHF2.5bn compared to the prior quarter. The rise was driven by net new money inflows and positive market performance, inspite of adverse currency impact from strengthening Swiss franc.
Tangible equity for the first quarter rose to CHF545.4m from CHF540.6m in the previous quarter.
Overall, the group recorded assets under management of CHF123.3bn as of 31 March 2015.
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