Swiss money manager GAM Holding has registered underlying net profit of CHF177.2m for 2014, a fall of 16% as against 2013.
Operating income stood at CHF623.5m, a decline of 7% year-on-year, mainly owing to fluctuation in performance fees. Operating expenses also decreased 7% to CHF406.8m.
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Underlying pre-tax profit was CHF216.7m, down 7% compared to a year ago, with cost reductions partly compensating for lower performance fees.
Cost/income ratio however remained unchanged at 65.2%.
Investment management:
Assets under management in investment management at year-end 2014 rose 9% to CHF 76.1bn, versus CHF69.8bn in the previous year.
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By GlobalDataThe rise can be mainly attributed to robust net new money inflows, strengthening of the US dollar against the group’s Swiss franc reporting currency in the second half of last year, and a positive impact from market performance.
Net new money inflows stood at CHF2.4bn, driven by healthy underlying business momentum across the year.
Strong contributions notably came from specialised fixed income strategies, strongly performing directional equity funds and long/short equity strategies.
