Bloomberg News

GAM Holding Swings to Profit as Customers Add Net New Money

March 05, 2013

GAM Holding AG (GAM), the Swiss money manager that split from Julius Baer Group Ltd. (BAER), swung to a full- year profit after positive client inflows.

Net income was 86.7 million Swiss francs ($92 million), compared with a loss of 95 million francs a year earlier, the Zurich-based company said today in its annual report.

“In 2012 we saw a return to solid asset growth,” Chairman and Chief Executive Officer Johannes A. de Gier said in a press release. “As we are starting the year from a very strong position, with high levels of assets under management and strong investment performance, we have good reasons to be optimistic.”

GAM, which is buying back as much as a fifth of its shares by May 2014, said assets under management were little changed at 116.2 billion francs in the final quarter. Managed assets increased 9 percent in the 12 months though Dec. 31, with customers adding 2.4 billion francs.

GAM surged 27 percent this year, for the second-biggest gain in the Stoxx 600 Financial Services Index behind London- based 3i Group Plc. The 30-member gauge climbed 9.6 percent.

To contact the reporter on this story: Giles Broom in Geneva at

To contact the editor responsible for this story: Frank Connelly at

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