ZURICH (Reuters) – GAM expects to report a net loss after tax of approximately 309.9 million Swiss francs ($335.83 million) for the full year 2022, after experiencing negative asset flows, the Swiss asset manager said on Wednesday.
The group said it also expects to report an underlying pre-tax loss of approximately 42.8 million Swiss francs ($46.4 million).
“2022 was a challenging year with our financial results seeing the impact from a market-led decline in our assets under management,” GAM’s chairman David Jacob said.
The company also announced it has moved the date of its full-year 2022 results presentation to April 25, 2023.
($1 = 0.9228 Swiss francs)
(Reporting by Noele Illien; Editing by Jacqueline Wong and Muralikumar Anantharaman)
