Gam Investments is projecting a loss for the first half of the year, as it unveils plans to retool its private client and private labelling businesses as part of its growth strategy.
The Swiss manager forecast an IFRS net loss of CHF 3m (£2.4m) for the six months ended 30 June 2021. This is down substantially from the CHF 390m (£309m) loss it reported over the same period last year which was down to a sizeable impairment charge linked to previous M&A deals.
As such the group expects underlying pre-tax profits for the period of CHF 1m (£790m) compared to a CHF 2m (£1.6m) loss last year.
Its half year results will be published on 4 August.
Gam rebrands private clients business
Separately Gam announced several key appointments as it revamps its private clients arm.
Its existing private clients and charities business will be re-branded as Gam Wealth Management with current Private Labelling boss Martin Jufer promoted to the new role of global head of wealth management.
Gam said it plans to grow its private client presence in Singapore, where it has recently opened an office, and deepen existing capabilities in Switzerland and the UK, while investing in new technology. At the end of December it was looking after CHF 2.9bn for ultra high net worth individuals, family offices, trusts and charities.
Meanwhile Sean O’Driscoll (pictured) will be joining the investment manager as CEO of Luxembourg where he will be responsible for the management company and Private Label Funds business. O’Driscoll, who has previously worked at Axa, BlackRock and State Street, “will provide senior leadership to reflect the importance of Luxembourg within GAM’s business plans”.
The Private Label business currently has CHF 86.1bn of assets under management. Last year it saw assets tumble after a longstanding client pulled an £18bn mandate.
Jufer and O’Driscoll will slot into their new roles on 2 August, pending regulatory approvals.
