February 21, 2019 / 6:31 AM / a month ago

GAM assets under pressure, sees "challenging" 2019

ZURICH, Feb 21 (Reuters) - Assets under management at Swiss asset manager GAM Holding AG continued to fall at the end of last year, the beleaguered Swiss group said on Thursday, forecasting a “challenging” 2019 ahead.

Assets under management at its investment management business fell to 56.1 billion Swiss francs ($56.01 billion) at the end of the year from 84.4 billion a year earlier, while assets at its private labelling arm rose to 76.1 billion from 74.3 billion at the end of 2017.

Overall assets had totalled 139.1 billion Swiss francs at the end of November.

GAM had said in December it would cut 10 percent of its staff and ditch its dividend as it warned it would slide to a 2018 net loss, which it confirmed on Friday was 929 million Swiss francs.

GAM had a torrid year after being forced to write down the value of its $217 million acquisition of UK hedge fund Cantab and close several funds after top money manager Tim Haywood was suspended for alleged breaches of its rules.

“Following the conclusion of the investigation and the disciplinary proceedings, the suspended investment director has now been dismissed from the company for gross misconduct. There was serious failure to achieve the standard of skill and care which were to be expected of someone in his position,” it said. ($1 = 1.0016 Swiss francs) (Reporting by Michael Shields)

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