The firm said “strong net inflows” were recorded in absolute return products, particularly in European long-short equity as well as in global macro strategies. Significant net inflows from institutional clients for the absolute return/unconstrained bond strategy more than offset outflows from higher-margin financial intermediary channels, it said in a statement today.

Specialist fixed income strategies continued to contribute inflows, especially the investment-grade credit strategy. However, inflows were more than offset by outflows from emerging market fixed income products predominantly due to investor sentiment, GAM Holdings said.

"We are making good progress in executing our strategy. Markets in the third quarter reacted negatively to further growth fears in China and across other developed and emerging markets. Not surprisingly we saw investor appetite weaken and, given volatile market conditions, we expect this to continue in the months ahead,” Alexander Friedman, group chief executive, said.

The firm said its implementation of a new operating model, as reported in its half-year results, is “progressing well”. By full year 2017, the reorganisation will lead to structural annual cost cuts of more than 5 per cent from the 2014 level, the statement said.

GAM said it will unveil a redesigned brand in mid-November; it added that the overall restructuring costs of the strategic repositioning are not expected to exceed SFr13 million in 2015.

The acquisition of Renshaw Bay's real estate debt business, announced on 11 August 2015, has now closed. The deal added SFr500 million of assets under management to the firm in October, with a further SFr700 million of uninvested but committed capital.