GAM Holding, a Switzerland-based wealth management and investment firm, has reported that assets under management (AuM) in investment management unit reached CHF75.6bn as at 30 September 2014, an increase of 3% from 30 June 2014 and 8% from year-end 2013.
The rise in AuM is driven by solid net new money inflows and positive currency impact in the third quarter.
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In its interim management statement, the group said that its specialized fixed income strategies saw robust net inflows, while flows into emerging market fixed income funds were positive for the quarter, while traditional bond products and low-margin money market funds experienced net outflows.
Overall, the absolute return/unconstrained bond strategy recorded modest net new money inflows in the third quarter.
GAM added that its discretionary and advisory portfolios recorded net inflows and the physical gold ETF also experienced net outflows.
Similarly, the company reported private labeling AuM of CHF48.5bn in Q3 2014, up 5% from 30 June 2014 driven by net new money inflows and a positive impact from market movements, mainly from currency. Private labelling contributed around 6% of the Group’s revenues.
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By GlobalDataFor this quarter, tangible equity was CHF539.8m, up 8% compared to 30 June 2014.
The increase in tangible equity was primarily due to continued levels of robust profitability across the group’s businesses and a decline in its share buy-backs over the second trading line.
