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GAM sees sharp drop in FY'19 pretax profit

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GAM sees sharp drop in FY'19 pretax profit

GAM Holding AG expects to report a significant drop in pretax profits for 2019 amid a decline in assets.

The Swiss asset manager expects to book full-year 2019 underlying pretax profit, excluding nonrecurring and acquisition-related items, of roughly CHF10 million, down from CHF126.7 million a year earlier. The company, which was hit with sharp fund outflows following the high-profile suspension of rogue investment director Tim Haywood, said the result was mainly due to a decline in AUM and related revenues in its investment management business to an estimated CHF48 billion at 2019-end from CHF56.1 billion at the end of 2018.

GAM expects to just break even in 2019, compared to a net loss of CHF929.1 million in 2018, which included a goodwill impairment charge of CHF883.4 million. Total group AUM is expected to be approximately CHF132 billion as of Dec. 31, 2019, down from CHF132.2 billion a year ago.

The company will publish its full-year 2019 results Feb. 20.