GAM Holdings, the parent company of GAM and Julius Baer funds, reported a drop in assets under management (AUM) for its private client business for the six months to 30 June 2013.
The fall comes despite a growth in AUM at its investment management business.
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Private client AUM at GAM dropped from CHF4.13 billion ($4.45 billion) to CHF3.6 billion in the first six months of 2013. This marked a 12% drop in AUM year on year.
However GAM’s investment management business grew its assets from CHF68.9 billion in June 2012 to CHF72.1bn or 5% year on year to 30 June 2013.
In the interim statement, GAM said that the outflow of assets was in part due to the fall in gold prices and the withdrawal of assets from its emerging markets funds which resulted in a net outflow of assets across investment management of CHF200 million for the first six months of 2013.
The investment management business was seen to be performing well despite this fall, as the business had largely stemmed outflows when compared to the first six months of 2012 when GAM reported CHF 1.2 billion in outflows.
In addition, fee income across the investment management arm grew 31% to CHF 329.5 million in June 2013 from CHF 250.9 million for the same period last year.
