GAM Reports Narrower Loss, Focuses on Alternatives Growth — GAM Holding AG

Event summary

GAM reported an IFRS net loss of CHF 74.2 million for 2025, an improvement from CHF 77.2 million in 2024, driven by cost reductions.
Assets under management (AuM) declined to CHF 12.5 billion from CHF 16.3 billion, primarily due to net outflows of CHF 3.7 billion.
61% of AuM outperformed their three-year benchmark, and 54% outperformed their five-year benchmark.
GAM expanded its alternatives platform through partnerships with Swiss Re, Gramercy, and PEO Partners.
The company completed the sale of GAM Italia SGR to AcomeA and migrated all investment activities to SimCorp.

The big picture

GAM is pivoting towards alternatives and specialist active strategies to drive growth, reflecting broader industry trends towards diversification and absolute return capabilities. The company's strategic partnerships and operational restructuring aim to create a leaner, more scalable platform, but the challenge remains to convert these efforts into sustainable asset growth and profitability. With CHF 12.5 billion in AuM, GAM's ability to compete with larger peers like Janus Henderson will hinge on its execution in high-conviction active management and client-centric service.

What we're watching

Alternatives Growth: The pace at which GAM's expanded alternatives platform can attract new assets and offset traditional outflows.
Client Engagement: Whether improved client engagement can translate into sustainable net inflows across GAM's product range.
Profitability Timing: How long it will take for GAM to return to profitability, given the extended timeline indicated by the Board.