Asset manager GAM warns on profit, citing market turbulence

ZURICH (Reuters) - GAM Holding expects to post a loss for the first half of 2022, the Swiss asset manager said on Monday, citing a volatile market environment which has led to fall in its assets under management.

The company expects to report an underlying loss before tax of approximately 15 million Swiss francs ($15.37 million)compared to an 800,000 franc profit for the first half of 2021, it said.

Total assets under management have declined to 85.2 billion francs from 99.8 billion at the end of 2021, it added, mainly due to negative market movements.

($1 = 0.9757 Swiss francs)

(Reporting by John Revill; Editing by Kim Coghill)