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GAM Holding AG: Interim management statement for the three-month period to 30 September 2016

GAM Holding AG / GAM Holding AG: Interim management statement for the
three-month period to 30September 2016 . Processed and transmitted by Nasdaq
Corporate Solutions.The issuer is solely responsible for the content of this
* Group assets under management of CHF 119.1 billion, up 5% from 30 June
2016, with overall net inflows of CHF 0.7 billion
* Investment management: * Assets under management of CHF 67.3 billion, up 3%
from 30 June 2016, driven by the acquisition of Taube Hodson Stonex (THS)
and a net positive impact from market and foreign exchange movements * Net
outflows of CHF 1.8 billion as net inflows in fixed income were more than
offset by redemptions in other capabilities * Acquisition of THS, adding
CHF 2.2 billion to assets under management, closed on 31 August 2016 *
Acquisition of Cantab Capital Partners (Cantab) closed after the period on
3 October 2016 and is not included in the reported assets under management
* Private labelling: * Assets under management of CHF 51.8 billion, up 8%
from 30 June 2016, driven by net inflows and a positive impact from market
and foreign exchange movements * Net inflows of CHF 2.5 billion

Group CEO Alexander S. Friedman said:
"The market environment continues to be challenging. Frequent bouts of
volatility amid sideways markets have led to risk aversion among clients.
While we remain focused on delivering investment performance, market swings
detached from fundamentals have made it difficult for some discretionary fund
managers, who rely on fundamental analysis, to outperform.

We are making good progress with our strategic initiatives. Since the end of
June, we completed the acquisitions of Taube Hodson Stonex and Cantab Capital
Partners, successfully launched our merger arbitrage strategy and a trade
finance offering and developed two new GAM Systematic funds. These steps will
make our company more diversified, resilient, and will position us for future

Investment management

Assets under management movements (CHF bn)

| Capability Opening AuM Net flows Acquisition Market/FX Closing AuM |
| |
| 30 Jun 2016 30 Sep 2016 |
| Absolute return 19.2 -1.5 - 0.2 17.9 |
| Fixed income 19.3 1.0 - 0.4 20.7 |
| Equity 10.7 -0.9 2.2 0.7 12.7 |
| Alternatives 5.6 - - - 5.6 |
| Multi asset 10.7 -0.4 - 0.1 10.4 |
| Total 65.5 -1.8 2.2 1.4 67.3 |
Assets under management rose to CHF 67.3 billion from CHF 65.5 billion as at
30 June 2016 as net outflows of CHF 1.8 billion were more than offset by the
addition of CHF 2.2 billion from the acquisition of THS and a net CHF 1.4
billion positive impact from market and foreign exchange movements.

In absolute return, the outflows were driven by redemptions from the JB
Absolute Return Europe Equity Fund and Global Rates strategy. Outflows from
the unconstrained/absolute return bond strategy slowed markedly in the
quarter and its year-to-date performance remains strong.

In fixed income, the JB Local Emerging Bond Fund continued to generate strong
net inflows along with the new trade finance offering and the GAM Star Credit
Opportunities fund.

In equity, outflows reflected negative market sentiment across a range of
thematic and regional strategies.

Within alternatives, the JB Physical Gold fund generated net inflows, while
traditional funds of hedge fund strategies experienced redemptions.

In multi asset products, redemptions came from one institutional mandate and
managed portfolios of private clients.
Private labelling

Assets under management movements (CHF bn)

| Fund domicile Opening AuM Net flows Market/FX Closing AuM |
| |
| 30 Jun 2016 30 Sep 2016 |
| Switzerland 31.7 0.2 0.8 32.7 |
| Rest of Europe 16.3 2.3 0.5 19.1 |
| Total 48.0 2.5 1.3 51.8 |
Assets under management in private labelling, which provides fund solutions
for third parties, rose to CHF 51.8 billion from CHF 48.0 billion as at 30
June 2016, driven by net inflows of CHF 2.5 billion and a CHF 1.3 billion
positive impact from market and foreign exchange movements.

Update on strategic initiatives

The acquisition of Cantab, an industry-leading, multi-strategy systematic
manager based in Cambridge, UK, closed on 3 October 2016. Cantab managed USD
4.1 billion in assets for institutional clients worldwide as at 1 October
2016 and forms the cornerstone of the newly created GAM Systematic platform.
GAM has developed two new UCITS funds under the GAM Systematic brand, using
Cantab's proven methodology and tested investment strategies.

The acquisition of THS, a London-based global equity investment firm, closed
on 31 August 2016, adding CHF 2.2 billion to GAM's assets under management in
the third quarter.

To expand GAM's successful range of absolute return products, the company
launched the GAM Star (Lux) Merger Arbitrage fund in July. The same month GAM
also launched a trade finance offering, which provides an innovative solution
optimised for the current low yield environment.


The market environment is expected to remain challenging for the remainder of
2016. Elevated valuations across many equity and credit markets, as well as
uncertainties stemming from the US presidential election and other political
events, are likely to continue to weigh on investors' risk appetite, flows
and assets.

The Group's relevant funds eligible for performance fees in the second half of
2016 are currently below their high-water marks. GAM therefore expects the
level of performance fees in the second half of 2016 to be similar to the CHF
1.2 million generated in the first half of 2016. As a direct consequence, the
level of overall profitability for the full year 2016 will be significantly
lower than the profits realised in 2015, when performance fees amounted to
CHF 82.8 million.

GAM remains confident about delivering on its targets over the business cycle,
given good progress on its strategic initiatives and strict cost discipline.

Forthcoming events:

| 2 March 2017 Full-year results 2016 |
| 26 April 2017 Interim management statement Q1 2017 |
| 27 April 2017 Annual General Meeting |
For further information please contact:

| Media Relations: Investor Relations: |
| Elena Logutenkova Patrick Zuppiger |
| T +41 (0) 58 426 63 41 T +41 (0) 58 426 31 36 |
Visit us

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About GAM

GAM is one of the world's leading independent, pure-play asset managers. The
company provides active investment solutions and products for institutions,
financial intermediaries and private investors under two brands: GAM and
Julius Baer Funds. The core investment business is complemented by private
labelling services, which include management company and other support
services to third-party asset managers. GAM employs about 1,000 people in 11
countries with investment centres in London, Cambridge, Zurich, Hong Kong,
New York, Milan and Lugano. The investment managers are supported by an
extensive global distribution network.

Headquartered in Zurich, GAM 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 assets under management of CHF 119.1 billion (USD 122.9 billion) as
at 30 September 2016.

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


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