GAM Seeks Turnaround Plan as Fifth Annual Loss Looms
- Swiss asset manager suffered client outflows last year
- Firm says it will provide strategy update on April 25
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GAM Holding AG said it will post its fifth straight loss and pushed the publication of its 2022 results to April as the asset manager scrambles to come up with a strategy to turn around its business.
GAM expects a net loss after tax of around 309.9 million Swiss francs ($336 million) for 2022 on an IFRS basis, after a loss of 23.3 million for 2021, according to a statement on Wednesday. The loss is more than twice the company’s market capitalization of 155 million francs.