The group has recorded strong investment performance. Credit: Claudio Schwarz on Unsplash.

Swiss money manager GAM has reported a fall in assets under management during (AuM) in the third quarter due to challenging market conditions.

For the quarter that ended 30 September 2022, the company’s AuM totalled CHF74.6bn ($73.89bn) as against CHF83.2m in the previous quarter.

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AuM at the firm’s investment management unit also fell to CHF24.2bn from CHF27.1bn at the end of June this year.

During the three months under review, net client outflows were CHF1bn. Net negative market and foreign exchange movements were CHF1.7bn.

The fund management service of GAM reported AuM of CHF50.4bn in Q3 2022, down compared with CHF56.1bn in Q2 2022.

Net client outflows at the fund management business were CHF3.1bn, whereas net negative market and FX movements were CHF2.6bn.

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The group said it recorded a strong investment performance during the quarter, which saw 74% of AuM outperforming their benchmark over three years as of the end of Q3 2022, compared with 73% during the second quarter.

GAM Investments CEO Peter Sanderson said: “The market continued to be very challenging during the third quarter, and clients have remained cautious. Given the negative impact on our assets under management, we are robustly managing our costs and continuing to align our investment strategies to meet client needs.

GAM Investments chairman David Jacob said: “Despite the most challenging market backdrop seen in years, it is pleasing to see the continuing strength in our investment performance and the good progress we have made to simplify our business.”