Gam delays results presentation after £273mn loss in 2022

Gam delays results presentation after £273mn loss in 2022
The entrance hall of Swiss stock exchange operator Six Group is seen in Zurich, Switzerland. Gam Holdings postponed its results statement after posting a large post-tax loss (REUTERS/Arnd Wiegmann)

Gam Investments has delayed its results presentation after posting a big post-tax loss in 2022.

In a statement to the Swiss stock exchange today (January 25), Gam said it had seen a post-tax loss of Sfr310mn (£273mn) last year, higher than the loss of Sfr23.3mn (£20.5mn) in 2021.

The Swiss asset manager - which operates a DFM and wealth management arm in the UK - said it had experienced net negative asset flows “in common with much of the industry”, and suffered a difficult financial return in the “very difficult” markets in 2022.

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It noted that two thirds of its fund assets under management outperformed their peer groups (using Morningstar classifications) and seven out of its 13 largest strategies were ranked in the top decile over the past three years.

However, the company has delayed its results presentation from February 28 to April 25.

The company’s chairperson, David Jacob, said the board is working “tirelessly” to ensure the firm is “strategically positioned” in the best interests of its shareholders.

“For this reason we have decided to delay our results presentation in order to be able to provide a more informative update on our progress,” he said.

Jacobs struck an overall positive note, saying the team had delivered strong investment performance for its clients and made “material progress” in simplifying the business.

The company’s headcount was 11 per cent lower in 2022 than the previous year, and its total expenses had reduced by Sfr20mn (£18mn) last year.

Gam had issued a profit warning last summer after swinging from a Sfr800,000 (£685,000) profit in the first half of 2021 to a loss of Sfr275mn (£236mn) in the same period in 2022.

In December last year, Sky News reported that the company was working with UBS bankers over a possible sale. 

The company’s share price has crashed 95 per cent in the five years to January 24, falling nearly 6 per cent in trading this morning.