GAM forecasts £20.5m losses for H1 2023 as AUM drops 9.7%
Assets under management are also expected to post falls, closing H1 at CHF 68bn.
In a trading update today (17 July), the firm also said assets under management are also expected to fall by 9.7%, closing H1 at CHF 68bn, compared with CHF 75bn at the end of December 2022.
More specifically, investment management AUM is expected to total CHF 21.9bn and CHF 46.1bn for its fund management services business.
The IFRS net loss after tax for the six-month period is forecast to be around CHF 71m, driven by underlying losses and an «intangible impairment» in excess of CHF 40m, GAM said. However, this marks a stark improvement from the IFRS net loss after tax in H1 2022 of CHF 275.2m.
Major GAM shareholder pushes back on Liontrust takeover deal — reports
David Jacob, chair of GAM, said: «During the first half of 2023, we have been focused on delivering the strategic solution to provide stability and confidence for all our stakeholders. Our largest shareholder, Silchester, has confirmed that they will tender their shares and our senior portfolio managers strongly support the Liontrust offer.
»The Liontrust offer is the only one available to our shareholders and we look forward to progressing this so that our clients, shareholders and other stakeholders can benefit from being part of the enlarged firm.
The Board continues to strongly recommend the Liontrust offer to all shareholders. Today I have written to shareholders explaining the importance of them accepting the Liontrust offer and tendering their shares."
Liontrust CEO: 'The clock is now at one minute to midnight for the future of GAM'
The full H1 results for GAM will be published on 3 August, after the main offer period for the Liontrust deal ends on 31 July.
GAM's
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