GAM Holding AG: Update on half-year results 2016
(Thomson Reuters ONE) -
GAM Holding AG /
GAM Holding AG: Update on half-year results 2016
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* Underlying profit before and after tax in H1 2016 expected to decline by
approximately 50% compared with H1 2015. Decline mainly driven by a fall in
performance fees
* IFRS profit after tax anticipated to decline broadly in line with the
decrease in underlying profit after tax
Expected results for the first half of 2016
In accordance with the Group's obligations under the listing rules of the SIX
Swiss Exchange (article 53), GAM today provides an update on its expected first-
half 2016 results. The underlying profit before tax for the first half of 2016
is likely to decline by approximately 50% from the CHF 101.5 million reported
for the first half of 2015.
Performance fees for the first half of 2016 are expected to be lower, at
approximately CHF 1 million (CHF 44.1 million for the first half of 2015), a
reduction highlighted in GAM's first-quarter interim management statement of 20
April 2016. This estimate is based on recognised performance fees up to 31 May
2016 and uncrystallised performance fees as at 31 May 2016 with June month-end
crystallisation dates. Net management fees and commissions are also expected to
decline, mainly driven by lower average assets under management and a slight
reduction in the average management fee margin. These effects will be partially
offset by a reduction in personnel expenses and ongoing cost control.
The IFRS profit after tax for the first half of 2016 is anticipated to decline
broadly in line with the decrease in underlying profit after tax. The IFRS
profit after tax reported for the first half of 2015 was CHF 80.9 million.
Update on strategic initiatives
The company continues to control costs in a disciplined manner and the
implementation of its new target operating model is on track. As demonstrated by
the recently announced acquisition of Taube Hodson Stonex (THS) on 16 May 2016,
GAM continues to expand its core investment management capabilities and
offerings through strategic and financially compelling acquisitions and the
development of new products in areas such as trade finance, absolute return and
real estate debt. The company will report its half-year results and update the
market on its strategic initiatives as planned on 3 August 2016.
Forthcoming events:
3 August 2016 Half-year results 2016
20 October 2016 Interim management statement Q3 2016
For further information please contact:
Media Relations: Investor Relations:
T +41 (0) 58 426 62 15 T +41 (0) 58 426 31 36
T +41 (0) 58 426 62 65
Visit us at: www.gam.com
Follow us on: Twitter, LinkedIn and XING
About GAM
GAM is one of the world's leading independent, pure-play asset managers. It
provides active investment solutions and products for institutions, financial
intermediaries and private investors, under two brands: GAM and Julius Baer
Funds. The core investment business is complemented by private labelling
services, which include management company and other support services to third-
party institutions. GAM employs over 1,000 people in 11 countries with
investment centres in London, Zurich, Hong Kong, New York, Lugano and Milan. The
investment managers are supported by an extensive global distribution network.
Headquartered in Zurich, GAM is listed on the SIX Swiss Exchange and is a
component of the Swiss Market Index Mid (SMIM) with the symbol 'GAM'. The Group
has assets under management of CHF 114.7 billion (USD 119.8 billion) as at 31
March 2016.
Disclaimer regarding forward-looking statements
This press release by GAM Holding AG ('the Company') includes forward-looking
statements that reflect the Company's intentions, beliefs or current
expectations and projections about the Company's future results of operations,
financial condition, liquidity, performance, prospects, strategies,
opportunities and the industry in which it operates. Forward-looking statements
involve all matters that are not historical facts. The Company has tried to
identify those forward-looking statements by using words such as 'may', 'will',
'would', 'should', 'expect', 'intend', 'estimate', 'anticipate', 'project',
'believe', 'seek', 'plan', 'predict', 'continue' and similar expressions. Such
statements are made on the basis of assumptions and expectations which, although
the Company believes them to be reasonable at this time, may prove to be
erroneous.
These forward-looking statements are subject to risks, uncertainties,
assumptions and other factors that could cause the Company's actual results of
operations, financial condition, liquidity, performance, prospects or
opportunities, as well as those of the markets it serves or intends to serve, to
differ materially from those expressed in, or suggested by, these forward-
looking statements. Important factors that could cause those differences
include, but are not limited to: changing business or other market conditions,
legislative, fiscal and regulatory developments, general economic conditions,
and the Company's ability to respond to trends in the financial services
industry. Additional factors could cause actual results, performance or
achievements to differ materially. The Company expressly disclaims any
obligation or undertaking to release any update of, or revisions to, any
forward-looking statements in this press release and any change in the Company's
expectations or any change in events, conditions or circumstances on which these
forward-looking statements are based, except as required by applicable law or
regulation.
English Press Release:
http://hugin.info/142256/R/2020271/750301.pdf
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GlobeNewswire clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: GAM Holding AG via GlobeNewswire
[HUG#2020271]
Unternehmensinformation / Kurzprofil:
Datum: 14.06.2016 - 07:00 Uhr
Sprache: Deutsch
News-ID 477414
Anzahl Zeichen: 7062
contact information:
Town:
Zürich
Kategorie:
Business News
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