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2014-04-15

GAM Holding AG: Interim management statement for the period to 31 March 2014

GAM Holding AG / GAM Holding AG: Interim management statement for the period
to 31 March 2014. Processed and transmitted by NASDAQ OMX Corporate
Solutions. The issuer is solely responsible for the content of this
announcement.
Zurich, 15 April 2014

* Investment Management assets under management of CHF 69.6 billion, largely
flat from year-end 2013 * Net new money flows recovered over the quarter
and were positive in March * Net outflows in January and February and
negative currency impact over the quarter were largely offset by favourable
market performance and March inflows * Investment performance remains
attractive generally and has markedly improved for the Group's largest
fixed income strategies (absolute return/unconstrained, local emerging
market debt)
* Private Labelling assets under management of CHF 45.7 billion * Net new
money inflows and positive market performance drove assets up 2%, despite
slightly adverse currency impact
* Tangible equity up 2% from 31 December 2013, at CHF 563.1 million

Investment Management

Assets under management in Investment Management as at 31 March 2014 amounted
to CHF 69.6 billion, compared to CHF 69.8 billion at the end of December.
Market performance had a positive effect, largely offsetting the net new
money outflows experienced for the full quarter and the adverse impact from a
strengthening Swiss franc (the Group's reporting currency) against the US
dollar and the euro.

Consistent with the trends communicated at the annual results presentation on
4 March 2014, during the first two months of the year Investment Management
experienced the tail end of outflows which began in late 2013, with client
flows turning positive in March.

Flows into the Group's largest flagship absolute return/unconstrained bond and
local emerging debt strategies were negative for the three months in total
but stabilised towards the end of the quarter, on the back of a marked
improvement in investment performance in both strategies. In particular
institutional interest in the absolute return/unconstrained bond fund
remained resilient, producing net inflows for the quarter.

Low-margin money market funds and the physical gold ETF continued to
experience market-driven net new money outflows across the reporting period.
They were successfully counteracted by robust demand for the Group's
higher-margin equity products. Across the broadly diversified GAM and Julius
Baer-branded equity range, long-only as well as long/short strategies
continued to attract net new money inflows. Specialised fixed income
strategies, such as those investing in catastrophe bonds or in subordinated
debt instruments of high-quality issuers, also experienced solid net inflows.

GAM's alternative investments solutions benefited from a number of
institutional mandate wins for its innovative risk premia solution,
offsetting ongoing redemptions from its trading strategy where absolute
performance continues to remain soft. The Group's combined multi-asset class
solutions achieved net new money inflows from Swiss institutions and from its
discretionary fund management services for independent financial advisers, as
hoped for, outpacing outflows from the historic private client channels.

Private Labelling

Private Labelling - the area providing outsourcing solutions to third parties
and contributing around 6% of the Group's revenues - ended the quarter with
assets under management of CHF 45.7 billion. Assets were up CHF 1.1 billion
from 31 December 2013, reflecting positive market performance and net new
money inflows. Foreign exchange movements had a small negative impact, as the
majority of assets in this business are denominated in Swiss francs.

Net inflows were recorded mainly in Luxembourg-domiciled and offshore funds,
while funds domiciled in Switzerland experienced net outflows. The year
started on a positive note, with a number of product launches by existing
partners and a mandate from a newly acquired Swiss pension fund client.

Update on tangible equity and share buy-back programme

Tangible equity as at 31 March 2014 was CHF 563.1 million, up from CHF 551.4
million at year-end 2013. This reflects continued levels of robust
profitability across the Group's businesses. Cash and cash equivalents
amounted to CHF 577.4 million, compared to CHF 592.6 million at year-end
2013.

At today's Annual General Meeting (AGM), shareholders of GAM Holding AG will
be asked to approve a dividend of CHF 0.65 per share for 2013, resulting in a
total cash distribution of around CHF 105 million.

Shareholders today will also vote on the cancellation of 6.6 million shares
repurchased in 2013 under the Group's 2011-2014 buy-back programme. A further
1.1 million shares were bought back under the same programme in the first
quarter 2014, reducing the Group's outstanding shares as at 31 March 2014 to
162.1 million.

The 2011-2014 share buy-back programme will expire on 17 April 2014 and will
be followed by a new one. As announced on 4 March 2014, this new programme
will allow for the repurchase of up to 10% of shares in issue at inception
(approximately 17 million shares) over a maximum of three years. These share
buy-backs will provide the Group with flexibility in returning excess cash to
shareholders and will be complementary to its policy of ensuring predictable
and reliable dividend payments.

Forthcoming events:

---------------------------------------------------------------------------------------
|15 Apr 2014 Annual General Meeting, further information onwww.gamholding.com/agm2014 |
|17 Apr 2014 Ex-dividend date |
|23 Apr 2014 Dividend record date |
|24 Apr 2014 Dividend payment date |
|12 Aug 2014 Half-year results 2014 |
|21 Oct 2014 Interim management statement Q3 2014 |
---------------------------------------------------------------------------------------
For further information please contact:

--------------------------------------------------
|Media Relations: Investor Relations: |
|Larissa Alghisi Rubner Patrick Zuppiger |
|T: +41 (0) 58 426 62 15 T: +41 (0) 58 426 31 36 |
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About GAM Holding AG

GAM Holding AG is an independent, pure-play asset management group with a
focus on active investing. With global distribution networks and investment
teams based in five investment centres in Europe, the US and Asia, it
delivers investment solutions to institutions, intermediaries and private
clients through two leading brands - Julius Baer Funds (distributed by
Swiss&Global Asset Management) and GAM. The Group's investment management
business is complemented by a private labelling unit which provides
outsourcing solutions for third-parties.

Headquartered in Zurich, GAM Holding AG is listed on the SIX Swiss Exchange
and is a component of the Swiss Market Index Mid (SMIM) with the symbol
"GAM". The Group has total assets under management of CHF 115.3 billion (as
at 31 March 2014) and employs over 1,000 staff in 10 countries.

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.

English Press Release
http://hugin.info/142256/R/1777306/606643.pdf

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This announcement is distributed by NASDAQ OMX Corporate Solutions on behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: GAM Holding AG via Globenewswire

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