Asset manager GAM warns on profit, citing market turbulence

ZURICH (Reuters) – GAM Holding expects to submit a loss for the primary half of 2022, the Swiss asset supervisor mentioned on Monday, citing a risky market surroundings which has led to fall in its property underneath administration.

The corporate expects to report an underlying loss earlier than tax of roughly 15 million Swiss francs ($15.37 million)in comparison with an 800,000 franc revenue for the primary half of 2021, it mentioned.

Whole property underneath administration have declined to 85.2 billion francs from 99.8 billion on the finish of 2021, it added, primarily resulting from damaging market actions.

($1 = 0.9757 Swiss francs)

(Reporting by John Revill; Modifying by Kim Coghill)