GAM Holding AG: Interim management statement for the period to 31 March 2011
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GAM Holding AG /
GAM Holding AG: Interim management statement for the period to 31 March 2011
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Zurich, 19 April 2011
* Group assets under management of CHF 118.7 billion[1], up from CHF 117.8
billion at 31 December 2010.
* Balance sheet strength retained with tangible equity of approximately CHF
1.1 billion.
Group assets under management increased by CHF 0.9 billion during the first
quarter of 2011 to reach CHF 118.7 billion, supported by positive market
performance and the slight strengthening of the euro against the Swiss franc.
Overall, the Group's net new money for the first quarter of 2011 was broadly
flat, with the trends experienced in the second half of 2010 continuing into the
first quarter of 2011.
The Group's balance sheet remains strong, with tangible equity of approximately
CHF 1.1 billion and a cash position of approximately CHF 770 million on 31 March
2011.
At today's Annual General Meeting (AGM), shareholders of GAM Holding AG will be
asked to approve a new share buy-back programme which - together with the
proposed dividend of CHF 0.50 per share for 2010 - will be paid from the Group's
capital contribution reserves (amounting to CHF 2.1 billion as confirmed by the
Swiss Federal Tax Authority). Details of GAM Holding AG's AGM can be found on
www.gamholding.com.
Q1 developments at GAM
GAM reported assets under management of CHF 53.3 billion as at 31 March 2011,
marginally down on the 2010 year-end figure of CHF 53.6 billion. Client
investment remains focused in the active long equity and fixed income hedge
products, though the shift in private client preferences away from traditional
offshore funds of hedge funds and the related attrition from GAM's historic
partner private banking channels led to a small net new money outflow for the
quarter. However, new mandates and fund inflows in early April, predominantly
from institutions into funds of hedge funds and other non-correlated strategies,
have already more than offset these outflows and the pipeline of business
overall remains solid.
Despite the unsettling impact of recent macroeconomic and geopolitical events on
private client demand, GAM's funds saw strong inflows in the first quarter of
2011 in a number of its fixed income and equity strategies.
GAM continues to be well-positioned to capitalise on investors' growing appetite
for actively managed onshore funds that offer liquidity, enhanced regulatory
protection and more favourable tax treatment. Since the beginning of 2011, it
has launched three new UCITS strategies, including GAM's first onshore fund of
hedge funds, GAM Star Trading, which provides investors with access to its
proven high-quality macro and managed futures strategies within a UCITS
structure.
Q1 developments at Swiss & Global Asset Management
Swiss & Global Asset Management reported assets under management of CHF 82.5
billion for the first quarter of 2011, an increase of CHF 2.1 billion from year-
end 2010, driven by both positive net new money and market and currency
appreciation. Net inflows during the first quarter reflected the sustained
growth in its private label funds business and continuing strong demand for its
physical precious metals funds and the fixed income funds sub-advised by GAM.
Inflows into equity funds in Swiss & Global Asset Management's core markets in
Continental Europe remained muted during the quarter despite strong relative
performance, reflecting the fragility of private investor sentiment and its
sensitivity to geopolitical and other external shocks.
GAM Holding AG will publish its half-year 2011 results on 23 August 2011.
For further information please contact:
Media Relations:
Larissa Alghisi Rubner, GAM Holding AG
T: +41 (0) 58 426 62 15
Investor Relations:
Thomas Schneckenburger, Bluechip Financial Communications
T: +41 (0) 44 256 88 33
Notes to Editors
About GAM Holding AG
GAM Holding AG is an independent, well-diversified asset management group. Its
operating businesses - GAM and Swiss & Global Asset Management - focus on the
manufacturing and distribution of actively managed investment products and
services.
GAM Holding AG 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 118.7 billion (as at 31 March 2011) and employs over 1,000
staff with offices in Zurich (head office), Bermuda, Grand Cayman, Dubai,
Dublin, Frankfurt, Geneva, Hong Kong, London, Luxembourg, Madrid, Milan, New
York and Tokyo.
[1] Excludes CHF 17.1 billion from funds distributed by Swiss & Global Asset
Management and sub-advised by GAM.
--- End of Message ---
GAM Holding AG
Klausstrasse 10 Zürich Switzerland
ISIN: CH0102659627;
Interim Statement - March 2011:
http://hugin.info/142256/R/1507446/442280.pdf
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Source: GAM Holding AG via Thomson Reuters ONE
[HUG#1507446]
Unternehmensinformation / Kurzprofil:
Datum: 19.04.2011 - 07:00 Uhr
Sprache: Deutsch
News-ID 53681
Anzahl Zeichen: 6111
contact information:
Town:
Zürich
Kategorie:
Business News
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