Gam Investments expects to report a net loss of CHF 309.9m (£273m) for its 2022 financial year, the asset manager revealed in a trading update on Tuesday, as it announced a two-month delay in the publication of its full results.
The Switzerland-headquartered firm placed the blame for its “disappointing” result on difficult markets and negative flows across the year. Its full results were due to be published on 28 February, but have now been delayed until 25 April.
The anticipated CHF 309.9m net loss marks a giant leap from the CHF 23.3m (£20.5m) recorded at the end of 2021, the bulk of which was recorded in H1 when the firm disclosed net losses of CHF 275m (£236m).
The asset manager expects to report an underlying loss before tax of CHF 42.8m (£37.7m), more than four times the CHF 9.6m (£8.5m) loss recorded a year prior.
Gam said it has delivered on cost-saving targets, with total expenses for the year more than CHF 20m (£17.6m) lower than 2021. An 11% reduction in headcount compared with last year was likely a strong contributor to those cost savings.
The asset manager also confirmed the appointment of board member Jacqui Irvine to the role of vice chair. She succeeds Benjamin Meuli, who retired at the end of 2022.
Chair David Jacob (pictured) said: “2022 was a challenging year with our financial results seeing the impact from a market-led decline in our assets under management. However, [CEO] Peter Sanderson has led a team which has delivered strong investment performance for our clients and material progress in simplifying the business, driving further efficiencies and delivering against our cost targets.
“The board is working tirelessly to ensure that the firm is strategically positioned in the best interests of all our stakeholders and for this reason we have decided to delay our results presentation in order to be able to provide a more informative update on our progress.”
See also: Alliance Bernstein snaps up Gam salesman
