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GAM plans £87m rights issue to shore up balance sheet as losses mount
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In the twelve months to 31 December, the Swiss asset manager's IFRS net loss after tax stood at CHF 82.1m (£71m), compared with CHF 290 million (£253.4m) in 2022. The firm also posted underlying losses before tax of CHF 49.5m (£43.3m), up from CHF 42.5m (£37.1m) in the previous year, due to lower revenues from a drop in assets under management. GAM agrees CHF 100m loan with core shareholder GAM said the CHF 32.3m (£28.2m) difference between the underlying and the IFRS net loss after tax mainly relates to «brand impairment and strategic initiatives expenses». According to data...
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