Gam saw nearly £8bn in outflows last year as it is locked in acquisition talks with Liontrust, among others.
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.
Of this, SFr2.6bn (£2.4bn) left its investment management division and SFr6bn (£5.1bn) left its fund management services.
SFr2bn of the fund management outflows were the final tranche of one client transferring its business to another provider.
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.
The results had been delayed since January this year after the company posted a post-tax loss of Sfr310mn (£273mn) for 2022, higher than the loss of Sfr23.3mn (£20.5mn) in 2021.
The news comes amid a possible takeover deal with Liontrust, confirmed in an announcement to the stock exchange last week.
Over the weekend FTAdviser's sister publication, the Financial Times, reported that Gam had also held takeover talks with Zürcher Kantonalbank, the largest of Switzerland’s state-owned cantonal banks, with New York-based Z Capital Group also reported to be interested.
Gam said today it expects an announcement on the takeover to be issued on or before May 4.
In a statement, Liontrust said its intention was to combine Gam’s investment management business with the same business of its own.
The Financial Times reported that the asset manager was attempting to buy time in order to find a buyer.
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.
sally.hickey@ft.com
