The Zurich-based asset manager has found its footing, hoovering up considerable client assets since June.
GAM, in the midst of a turnaround, has lifted its managed assets by 13 percent to 148.4 billion Swiss francs, the Swiss asset manager said in a statement on Thurday. The firm won 11.8 billion francs in net new money.
Its fund arm – investment management – recorded a 9 percent asset rise to 78.7 billion francs, due to inflows, favorable performance and a fillip from foreign currency. GAM's multi-asset strategies and fund-of-hedge funds didn't fare quite as well, with 100 million francs in withdrawals in each.
By contract, GAM's private labelling business, where it provides products for third-parties to sell on, hiked assets by 18 percent to 69.7 billion.
MiFID Concession
The firm said it will absorb all research costs next year, when new European rules – MiFID II – which price research rather than folding them into trading costs come into effect. GAM said it believes this will be a mid-single digit million Swiss franc sum annually.
«We remain on track with our strategic initiatives,» Chief ExecutiveAlexander Friedman said in the statement.
Earlier this year, activist hedge fund RBR Capital Advisors notched up a partial victory at crisis-hit GAM, smacking down the asset manager's pay plans in a consultative vote. RBR has since set its sights on Credit Suisse, which it believes would be worth double its current value if split up into separate parts.
