Swiss money manager GAM Holding has reported underlying net profit of CHF58.7m for the first half of 2017, a surge of 39% compared to CHF42.2m in the year ago half.

The group’s underlying pre-tax profit was CHF75.4m, a jump of 37% from CHF55m in the previous year. The IFRS net profit increased 27% to CHF67.7m from CHF53.3m in the first half of 2016.

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Net fee and commission income rose 11% to CHF257.7m from CHF232.8m a year ago. Expenses rose 1% year-on-year to CHF182.1m.

Investment management

Assets under management in investment management unit as at 30 June 2017 totalled CHF72.2bn, up 10% compared to CHF65.5bn a year ago.

Assets under management in the group’s private labelling unit were CHF59.1bn at the end of June 2017, a jump of 23% over CHF48bn in the year ago period.

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GAM group CEO Alexander Friedman said: “Our financial results are beginning to reflect all our work to implement a turnaround at GAM. The steps we have taken over the past two years are showing tangible results, and the outlook gives us confidence in the future performance of the business.

“Our net inflows were strong in the first half of this year, the investment performance of the majority of our assets under management was excellent, a number of our key investment strategies delivered good performance fees, and our profitability improved substantially compared with the first half of 2016.”