Interim Management Statement for the period to 31 March 2010
(Thomson Reuters ONE) -
GAM Holding Ltd / Interim Management Statement for the period to 31 March 2010 processed and transmitted by Hugin AS. The issuer is solely responsible for the content of this announcement.
Zurich, 13 April 2010 - Positive business development in Q1 2010 - Continued
inflows into fixed income, commodities, and single manager alternative products
- Expanding product range - Strong balance sheet - Proposed new members to
reinforce independence of the Board of Directors.
Group assets under management ('AuM') increased by 5% through the first quarter
of 2010 to CHF 119.1 billion[1] from CHF 113.6 billion at the end of December
2009.
AuM at Swiss & Global Asset Management ('Swiss & Global') increased by 7% to CHF
77.9 billion[2] from CHF 73.0 billion at the end of December 2009, while AuM at
GAM increased by 6% to CHF 54.1 billion from CHF 51.0 billion at the end of
December 2009.
Swiss & Global has built upon its successes of 2009, with inflows into its
traditional fund business continuing strongly during the first quarter of 2010.
These inflows were primarily recorded into its attractive fixed income and
commodity products, while inflows into its equity offerings remain muted.
Performance across the range of equity and fixed income funds is strong relative
to peers, which should support inflows as client interest returns to higher risk
products. Inflows into its private label fund business have continued although
at lower rates than those experienced through 2009.
GAM has also seen encouraging inflows during the first quarter of 2010,
predominantly into fixed income funds, including the funds it sub-advises for
Swiss & Global, and into single manager hedge fund products, while fund of hedge
fund products and managed portfolios are still recording net outflows, mainly
from the third party private client segment. Institutional interest in
alternative products with low correlation to equity markets as well as its broad
range of new fixed income funds is showing encouraging signs, with inflows into
the alternative range of products being recorded together with a growing
pipeline of potential institutional mandates. The expanding range of new UCITS
III alternative funds is continuing to attract significant interest from
European wealth managers, as well as other fund of hedge funds investors.
GAM Holding AG's balance sheet remains strong with net tangible assets
(excluding goodwill, brand and intangible assets relating to the 2005
acquisition of GAM) above CHF 1.2 billion as at 31st March 2010. As previously
indicated the strong balance sheet and liquidity position of the company enabled
the repayment of the CHF 150 million bond on 12th March 2010.
4% of shares in issue have been purchased by the company in order to provide an
economic hedge for options granted under the 2009 long term incentive plan,
which are expected to be net settled. This purchase is consistent with the
stated intention to keep ultimate shareholder dilution as a result of this plan
to below 5%.
Diego du Monceau and Dr. Daniel Daeniker will be nominated for election to the
Board of Directors at today's Ordinary Annual General Meeting. Both nominees are
experienced professionals with long and successful careers in their chosen
fields. If elected, their skills will both enhance and complement the Board's
existing strengths and reinforces its independence with both the Audit and
Compensation Committees being composed entirely of independent directors.
GAM Holding AG will publish its half year results on 24th August 2010 and will
release an Interim Management Statement reflecting developments in the third
quarter of 2010 on 15th November 2010. Full year results for 2010 are expected
to be released on 1st March 2011.
Media Relations Contact:
Jürg Wildberger
Hirzel.Neef.Schmid.Konsulenten
T: +41 (0) 43 344 4242
Investor Relations Contact:
Thomas Schneckenburger
Bluechip Financial Communications
T: +41 (0) 44 256 8833
About GAM Holding AG
GAM Holding AG is an independent, well diversified asset management business,
with a focus on the manufacturing and distribution of investment products and
services.
GAM Holding AG, whose shares are listed on the SIX Swiss Exchange and form part
of the Swiss Market Index Mid (SMIM) with the symbol "GAM", has Group AuM of CHF
119.1 billion as at the end of March 2010. It employs over 1,000 staff in more
than 13 countries and 16 locations, including Zurich (head office), Bermuda,
Cayman, Dubai, Dublin, Frankfurt, Geneva, Hong Kong, Isle of Man, London, Los
Angeles, Luxembourg, Milan, New York and Tokyo.
For more information: www.gamholding.com
[1] Excludes double count of CHF 12.9 billion of funds distributed by Swiss &
Global, but managed by GAM.
[2] After CHF 0.4 billion reduction in AuM resulting from the rebranding of a
number of Julius Baer branded funds to GAM.
[HUG#1402830]
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GAM Holding Ltd
Klausstrasse 10 Zürich Switzerland
Press Release (PDF): http://hugin.info/142256/R/1402830/357313.pdf
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Datum: 13.04.2010 - 00:45 Uhr
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