Swiss money manger GAM Holding has said that its group assets under management (AuM) stood at CHF119.1bn at the end of September 2016, an increase of 5% from 30 June 2016.
For the three-month period to 30 September 2016, the company registered overall net inflows of CHF0.7bn.
AuM at the group’s investment management unit increased 3% to CHF67.3bn from CHF65.5bn as at 30 June 2016. The company attributed the rise to the addition of CHF2.2bn from the acquisition of Taube Hodson Stonex (THS) and a net CHF1.4bn positive impact from market and foreign exchange movements.
The division’s net outflows stood at CHF1.8bn as net inflows in fixed income were more than offset by redemptions in other capabilities.
Assets under management in the group’s private labeling arm were CHF51.8bn, an increase of 8% from CHF 48bn as at 30 June 2016. The company attributed the rise to CHF2.5bn in net inflows as well as a CHF1.3bn positive impact from market and foreign exchange movements.
Net inflows at the private labeling unit were CHF2.5bn.
GAM Holding CEO Alexander Friedman said: “The market environment continues to be challenging. Frequent bouts of volatility amid sideways markets have led to risk aversion among clients.
“While we remain focused on delivering investment performance, market swings detached from fundamentals have made it difficult for some discretionary fund managers, who rely on fundamental analysis, to outperform.”