GAM said on Wednesday that it expected a net loss after tax of about CHF 309.9 million for the entire 2022 due to negative asset flows.
The Swiss asset manager also said it expected an underlying pre-tax loss of nearly CHF 42.8 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 was quoted as saying by Reuters.
GAM, which has 594 full-time employees and offices in Zurich, Geneva and London, is to report full-year 2022 results on April 25th.
The shares of GAM Holding AG (GAMH) were last down 3.45% (CHF 0.0340) on the day to trade at CHF 0.9510 on the SIX Swiss Exchange.
The asset manager’s total market cap now stands at CHF 151.55 million.
The shares of GAM Holding AG went down 30.88% in 2022, following another 37.15% loss in the prior year.