Ad hoc announcement - GAM Holding AG releases interim statement for
the three-month period to 31 March 2022
20 April 2022
PRESS RELEASE
Ad hoc announcement pursuant to Art. 53 listing rules:
GAM Holding AG releases
interim statement for the three-month period to
31 March
2022
Financial highlights
- Investment
Management AuM at
CHF
30.0
billion, with
net client outflows of
CHF 270
million and net
negative market and
foreign exchange (FX)
movements of CHF
1.6
billion
- Fund Management
Services AuM at
CHF
64.8
billion, with
net client
inflows of CHF
290
million, offset
by net negative
market and FX movements
of CHF
3.5
billion
- Investment
performance:
73%
of assets under
management outperforming
their benchmark
over 3 years
as at 31 March
2022, compared to 68% as at 31
December 2021
Strategic highlights during first
quarter 2022
- Continued progress of GAM’s
growth strategy reflected by overall net positive client inflows in
the quarter
- Launched strategic
partnership with Liberty Street Advisors to provide clients with
access to late-stage privately owned technology and
innovation-driven companies and a low carbon infrastructure
strategy
- New Head of
Investments, David
Dowsett joined GAM
- GAM achieved a ‘best in
class’ rank in 4 out of 15 factors in Citywire European Fund
Selector survey and top rated for accessibility of fund managers
amongst 50 asset managers
- GAM funds
won several Refinitiv Lipper
awards in Austria, France,
Germany, Switzerland, the
UK and for Europe overall
-
Financial
Conduct Authority
publication of final
notice relating to the
settlement previously announced in
December, bringing these
matters to a close
- Returned
over 100% of the value of the GAM
Greensill Supply Chain Finance Fund to
clients marking the end of our
legacy business relationship with
Greensill
Peter Sanderson, Group CEO, said: “This has
been an encouraging first quarter for GAM with net positive inflows
for the firm overall. I am pleased that, despite pressure on the
level of assets under management in the current market environment,
our Investment Management business continues to improve with net
inflows across a range of strategies and reduced outflows from our
larger fixed income strategies.”
Assets under Management
As at 31 March 2022, Group AuM totalled CHF 94.8 billion
down from CHF 100.0 billion as at the end of December
2021.
Investment Management
AuM totalled CHF 30.0 billion, down from CHF 31.9 billion as at
31 December 2021, with net client outflows of CHF 270 million,
and net negative market and foreign exchange movements of
CHF 1.6 billion.
Net flows by capability
In fixed income, we recorded net outflows of CHF 396 million,
primarily driven by outflows in the GAM Star Credit Opportunities
and Local Emerging Bond funds, offset by inflows into GAM Star Cat
Bonds and GAM Star MBS funds.
In equities, we saw another positive quarter with net inflows of
CHF 28 million. While inflows were driven by a variety of funds,
the main contributors were our GAM Star Continental European Equity
and GAM Emerging Markets funds.
In multi asset, systematic and alternatives, we saw net inflows
CHF 44 million, CHF16 million and CHF 67 million respectively.
Assets under management movements (CHF bn)
Capability |
Opening AuM31 Dec 2021 |
Net clientflows |
Market/FXmovements |
Closing AuM31 Mar 2022 |
Fixed Income |
14.1 |
(0.40) |
(0.46) |
13.2 |
Equity |
8.0 |
0.03 |
(1.08) |
7.0 |
Multi asset |
7.7 |
0.04 |
(0.20) |
7.5 |
Systematic |
1.2 |
0.02 |
0.08 |
1.3 |
Alternatives |
0.4 |
0.07 |
0.03 |
0.5 |
Absolute Return |
0.5 |
(0.03) |
0.00 |
0.5 |
Total |
31.9 |
(0.27) |
(1.63) |
30.0 |
Investment performance
Over the three-year period to 31 March 2022, 73% of AuM in
investment management outperformed their benchmarks compared to 68%
as at the end of December 2021. Over the five-year period to 31
March 2022, 51% of funds outperformed their benchmarks, down from
60% as at 31 December 2021. With respect to GAM’s AuM tracked by
Morningstar 56% and 71% outperformed their peer groups over the
three- and five-year periods as at 31 March 2022, respectively,
compared to 70% and 62%, respectively, as at 31 December 2021.
Fund Management Services
Our Fund Management Services business reported AuM of CHF 64.8
billion, as at 31 March 2022, compared to CHF 68.0 billion as at 31
December 2021.
Assets under management movements (CHF bn)
Fund domicile |
Opening AuM 31 Dec 2021 |
Net flows |
Market/FX movements |
Closing AuM 31 Mar 2022 |
Switzerland |
14.4 |
0.16 |
(0.31) |
14.3 |
Rest of Europe |
53.6 |
0.13 |
(3.21) |
50.5 |
Total |
68.0 |
0.29 |
(3.52) |
64.8 |
On 30 March 2022, a Fund Management Services client announced
their intention to insource their funds to their own management
company from April 2023. As at 31 December 2021, the relevant
assets under management were CHF 11.5 billion with associated
revenues of approximately CHF 6 million per annum. The client will
be moving approximately CHF 10.5 billion of funds and approximately
CHF 1.0 billion will remain with GAM.
Outlook
We expect the market environment to remain challenging, with
continuing geopolitical uncertainty, further increases in interest
rates and a medium-term low growth outlook. However, we are
encouraged by our improved momentum so far in 2022 and believe that
clients will continue to be attracted by our distinctive range of
investment products and fund solutions, which can help them address
their investment needs in this challenging environment.
Upcoming events:
28 April
2022
Annual General Meeting3 August
2022 Half-year
results 202220 October
2022 Q3 2022
Interim management statement
For further information please contact:
Charles Naylor
Head of
Communications and Investor RelationsT +44 7890 386 699
Investor
Relations Media
Relations Stephen
Gardner Ute Dehn
Christen T +44 7790
778544 T +41 58 426 31
36
Visit us: www.gam.comFollow us: Twitter and LinkedIn
About GAM
GAM is a leading independent, pure-play asset manager. The
company provides active investment solutions and products for
institutions, financial intermediaries, and private investors
through three businesses: Investment Management, Fund Management
Services and Wealth Management. GAM employed 605 FTEs in 14
countries with investment centres in London, Cambridge, Zurich,
Hong Kong, New York, Milan, and Lugano as at 31 December 2021. The
investment managers are supported by an extensive global
distribution network. Headquartered in Zurich, GAM is listed on the
SIX Swiss Exchange with the symbol ‘GAM’. The Group has AuM of CHF
94.8 billion (USD 103 billion) as at 31 March 2022.
Disclaimer regarding forward-looking
statements
This press release by GAM Holding AG (‘the Company’) includes
forward-looking statements that reflect the Company’s intentions,
beliefs or current expectations and projections about the Company’s
future results of operations, financial condition, liquidity,
performance, prospects, strategies, opportunities, and the industry
in which it operates. Forward-looking statements involve all
matters that are not historical facts. The Company has tried to
identify those forward-looking statements by using words such as
‘may’, ‘will’, ‘would’, ‘should’, ‘expect’, ‘intend’, ‘estimate’,
‘anticipate’, ‘project’, ‘believe’, ‘seek’, ‘plan’, ‘predict’,
‘continue’ and similar expressions. Such statements are made on the
basis of assumptions and expectations which, although the Company
believes them to be reasonable at this time, may prove to be
erroneous.
These forward-looking statements are subject to risks,
uncertainties, assumptions and other factors that could cause the
Company’s actual results of operations, financial condition,
liquidity, performance, prospects or opportunities, as well as
those of the markets it serves or intends to serve, to differ
materially from those expressed in, or suggested by, these
forward-looking statements. Important factors that could cause
those differences include but are not limited to changing business
or other market conditions, legislative, fiscal, and regulatory
developments, general economic conditions, and the Company’s
ability to respond to trends in the financial services industry.
Additional factors could cause actual results, performance, or
achievements to differ materially. The Company expressly disclaims
any obligation or undertaking to release any update of, or
revisions to, any forward-looking statements in this press release
and any change in the Company’s expectations or any change in
events, conditions, or circumstances on which these forward-looking
statements are based, except as required by applicable law or
regulation.
- 2022 04 20 Ad hoc IMS Q1_Media Release_EN
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