Total profits reached CHF 162m, down from CHF 165.7m in 2011. Shareholders will receive CHF 0.50 per share, as they did in 2012.
GAM enjoyed an increase in fee revenues and more tightly managed costs, while new money inflows amounted to CHF 2.4bn. The firm also increased its AUM by 9% , which now stands at CHF 116.2bn and was attributed to net new money growth and positive market performance.
However, a decline in income from its investment in Artio Global Investors (it owns a 29% share of equity) and lower “other income” contributed to the fall in revenue for the year.
Across the group, outflows were reported from its funds of hedge funds and low market money funds, while there were strong inflows into fixed income, absolute return, local market bond funds and precious metal ETFs.
Structural Changes
The firm also announced that it would be establishing a new functional group, designed to simplify and flatten the organisation, enhance growth potential and allow efficiency improvements in addition to a new group management board. The changes will take effect from 18 April 2013.
