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April 21, 2022

GAM AuM declines on forex impact and client outflows

Swiss money manager GAM recorded a decline in assets under management (AuM) due to the impact of foreign exchange (forex) movements and client outflows.

GAM’s AuM totalled CHF94.8bn ($99.8bn) on 31 March 2022, the company said in an interim statement. The figure was CHF100bn at the end of December 2021.

AuM at the group’s investment management unit totalled CHF30bn, down from CHF31.9bn recorded on 31 December 2021. The drop was due to net negative market and foreign exchange movements of CHF1.6bn and net client outflows of CHF270m.

Fund Management Services AuM declined to CHF64.8bn from CHF68bn primarily due to forex movements of CHF3.5bn.

GAM also recorded net outflows of CHF396m in fixed income.

However, the company reported net inflows of CHF28m in equities. Multi asset, systematic and alternatives also recorded net inflows CHF44m, CHF16m and CHF67m respectively.

GAM Group CEO Peter Sanderson said: “This has been an encouraging first quarter for GAM with net positive inflows for the firm overall.

“I am pleased that, despite pressure on the level of assets under management in the current market environment, our Investment Management business continues to improve with net inflows across a range of strategies and reduced outflows from our larger fixed income strategies.”

The money manager added that the market environment will remain challenging in 2022 due to geopolitical tensions and increase in interest rates among others.

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