In a statement today (May 2), the asset manager said it expects to publish its annual report this Thursday (May 4), after it postponed the publication of its results amid a scramble to organise a takeover deal.
The statement contained a notice from the SIX Swiss Exchange which said it reserves the right to temporarily suspend trading in Gam’s securities if it does not submit its annual report by May 31.
The company initially delayed its results in January this year, saying it posted a post-tax loss of Sfr310mn (£273mn) for 2022, higher than the loss of Sfr23.3mn (£20.5mn) in 2021.
It then postponed the results a second time last month, after UK firm Liontrust said it had approached the board of the company regarding a takeover deal.
Gam has seen its share price crash 96 per cent over the past five years.
It has faced troubles since one of its star fund managers, Tim Haywood, was suddenly suspended in July 2018.
Haywood, who ran Gam's absolute return bond funds, was eventually fired and fined by the FCA for failing to report gifts and entertainment he received in a timely manner and for failing to managed conflicts of interest properly.
The debacle led to Gam itself being fined £9.1mn and its chief executive Alexander Friedman stepping down.
The asset manager, which runs a wealth management and discretionary fund management business in the UK, saw net client outflows of SFr8.6bn (£7.8bn) overall in the year to December 2022.
The group’s assets under management fell from SFr100bn (£90.3bn) to SFr75bn (£67.7bn) over the 12 months to December 2022, 60 per cent of which was down to negative market movements and foreign exchange moves.