Swiss asset manager GAM Holding said that its group assets under management (AuM) totalled CHF137.4bn at the end of March 2019.

At the end of December 2018, the group’s AuM was CHF132.2bn.

AuM at the group’s investment management unit stood at CHF55.1bn, a 2% fall compared to end-December 2018.

This was said to be due to net outflows of CHF4bn.

However, AuM in GAM’s private labelling unit increased 8% from 31 December 2018 to CHF82.3bn at the end of March 2019.

Net inflows at the private labelling arm were 1.9bn.

GAM group CEO David Jacob said: “While the investment performance over a three- and five-year period has improved, first quarter net flows continued to be impacted by ARBF-related matters.

“Having now sold all but the final group of material assets and with an agreement in place which leads to the sale of them as well, we look forward to putting this difficult period behind us.”

Recently, GAM has been facing troubled times.

Problems started after an internal probe revealed breaches in star fund manager Tim Haywood’s risk management and record keeping processes.

Haywood was eventually sacked.

The absolute return bond funds (ABRF) range managed by Haywood was also liquidated.