GAM expects loss of about $340 million for 2022
2023.01.25 06:53
GAM expects loss of about $340 million for 2022
By Tiffany Smith
Budrigannews.com – After experiencing negative asset flows, the Swiss asset manager stated on Wednesday that it expects to report a net loss after taxes of approximately 309.9 million Swiss francs (or $335.83 million) for the entire year 2022.
Additionally, the company stated that it anticipates reporting a pre-tax loss of approximately 42.8 million Swiss francs.
In Switzerland’s morning trading, GAM shares were down 3.7%.
According to GAM Chairman David Jacob:
“2022 was a challenging year with our financial results seeing the impact from a market-led decline in our assets under management.”
The company said that it would present its full-year 2022 results on April 25, 2023, and that on the same day, it would also provide an update on a strategic review.
Andreas Venditti, an analyst at Vontobel, stated that 2022 would be a difficult year for the asset management industry and that he was pleased to learn of GAM’s planned strategic update.
He stated:
“The main issue is a lack of growth, and the situation will continue to be difficult as long as Investment Management net flows do not turn sustainably positive.”
