The firm is continuing to recover after being through a torrid time in recent years following the dismissal of one of its senior managers.

GAM Investments, the Zurich-listed firm, today announced that group assets under management rose to SFr126.0 billion ($139.4 billion) as of 30 June, up from SFr122.0 billion at the end of last year. 

The group said that it made an underlying pre-tax profit of SFr800,000 million in the first six months of this year, against SFr2 million for the same period a year ago. On an IFRS reporting basis, it logged a net loss of SFr2.7 million, narrowing from a net loss of SFr390.1 million.

Investment management saw net client outflows of SFr2.2 billion in the first half of 2021, with private labelling recording net client inflows of SFr800 million.

The firm is pushing to recover after having been through a rough time. In 2018, investors fled its Absolute Return Bond Fund, which at one point was managed by Tim Haywood, who was suspended in 2018, and later dismissed by the firm for misconduct. The saga highlighted how rapidly a listed fund management business can be hit by the woes of a flagship fund or set of funds.

GAM said it was “on track” to deliver SFr15 million savings for 2021.

“We are seeing an encouraging level of client interest reflecting our strong investment performance and although we saw outflows in investment management overall, we saw net inflows across our equity platform and have achieved an increasingly diversified pipeline of client activity in the first half with demand across our core, thematic, liquid alternative and sustainable strategies,” Peter Sanderson, group CEO, said.