Interim Management Statement for the period to 31 October 2009
(Thomson Reuters ONE) - Corporate news announcement processed and transmitted by Hugin AS.The issuer is solely responsible for the content of this announcement. ------------------------------------------------------------------------------------ Interim Management Statement for the period to 31 October 2009GAM Holding Ltd. announces business development in line withexpectations - strong balancesheet following successful separation from Julius Baer Group Ltd. -employee long termincentive plan in place - new appointments made to reinforcecorporate governance.By the end of October 2009, Group assets under management ('AuM') hadincreased in line withexpectations to CHF 113 billion from CHF 105 billion, excluding ArtioGlobal Investors, at the end ofJune 2009. AuM at Swiss & Global Asset Management ('Swiss & Global')increased to CHF 71 billion(including CHF 10 billion of funds distributed by Swiss & Global butmanaged by GAM), while AuM atGAM increased to CHF 52 billion from CHF 49 billion at the end ofJune 2009.Year-to-date Swiss & Global has seen solid inflows into both itstraditional and private label fundsbusinesses. Clients continue to invest primarily into the range ofattractive fixed income and commodityproducts, while not yet re-committing to equities. GAM hasexperienced small but positive net newmoney since the end of June 2009, predominantly into the new fixedincome range with the highermargin alternative products still showing modest net outflows. Theinstitutional alternative segmentshowed inflows and an encouraging pipeline of future business, whilethe newly developing range ofUCITS III alternative funds is starting to attract interest fromEuropean wealth managers.GAM Holding Ltd's balance sheet remains healthy with net tangibleassets (excluding the goodwill,brand and intangible assets relating to the 2005 acquisition of GAM)of over CHF 1 billion. Thesuccessful completion of the IPO of Artio Global Investors on the NewYork Stock Exchange, whichclosed on the 29 September 2009, resulted in net proceeds of USD 621million, which, together with anincrease in the carrying value of the retained stake of 27.9% to itsfair value, results in a gain ofapproximately CHF 850 million.Given its strong capitalisation and cash position GAM Holding Ltd.does not envisage refinancing theCHF 150 million bond which expires in March 2010.In a special one-time decision to mark the independent listing of GAMHolding Ltd., the Board ofDirectors approved a long term incentive plan which granted optionsover the company's shares toevery officer and employee of the Group. The options were granted on28 October 2009 with a strikeprice of CHF 12.28, the closing price on that day. The total numberof shares over which options weregranted was 30.27 million. The options will vest over three yearsbut, save in certain exceptionalcircumstances (not including change of control events), will only beexercisable at the end of this period.The Board has determined that equity settlement will be satisfiedprincipally by the purchase and use oftreasury shares with the intention to limit dilution for shareholdersto less than 5%.Consistent with its new independent status, further corporategovernance appointments have beenmade. Marc-Alan Groeflin will join the company as Group Head ofInternal Audit on 1st December 2009and Christina Lusti joined on 1st November 2009 in the role ofCompany Secretary. Marc-Alan waspreviously a Partner in Business Risk Services with Ernst & Young anda Director in Internal AuditServices with PriceWaterhouseCoopers. Christina Lusti was previouslya member of the legaldepartment of Zurich Financial Services.GAM Holding Ltd. is continuing its active search for two newDirectors to join its Board. It remains thecompany's intention to place nominations before shareholders at theAGM in April 2010.GAM Holding Ltd. will publish its FY09 results on 2nd March 2010 andits results for H1 2010 on 10thAugust 2010. The Annual General Meeting in 2010 will be held on 13thApril 2010 and GAM Holding Ltdwill release an Interim Management Statement reflecting developmentsin the first quarter of 2010 onthe same day. A further Interim Management Statement reflectingdevelopments in Q3 2010 is currentlyexpected to be published on 15th November 2010.Contacts:Media Relations: Jürg Wildberger, Tel. +41 (0)43 344 4242Investor Relations: Thomas Schneckenburger Tel. +41 (0)44 256 8833About GAM Holding LtdGAM Holding Ltd is an independent, well diversified asset managementbusiness, with a focus on themanufacturing and distribution of investment products and services.GAM Holding Ltd, whose shares are listed on the SIX Swiss Exchangeand form part of the Swiss Market Index Mid(SMIM) with the symbol "GAM", has Group AuM of CHF 113billion as atthe end of October 2009. It employs over1,000 staff in more than 13 countries and 16 locations, includingZurich (head office), Bermuda, Cayman, Dubai,Dublin, Frankfurt, Geneva, Hong Kong, Isle of Man, London, LosAngeles, Luxembourg, Milan, New York andTokyo.For more information: www.gamholding.comhttp://hugin.info/142256/R/1355244/328960.pdf --- End of Message ---GAM Holding LtdKlausstrasse 10 Zürich SwitzerlandISIN: CH0102659627; Listed: Main Market in SIX Swiss Exchange;
Datum: 17.11.2009 - 06:50 Uhr
Sprache: Deutsch
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