GAM Narrows Losses as Transformation Drives AUM Growth
Event summary
- H1 2026 IFRS loss before tax narrowed by 39% to CHF 24.7 million (H1 2025: CHF 40.4 million).
- Assets under management increased to CHF 12.7 billion at 30 June 2026 from CHF 12.5 billion at 31 December 2025.
- Gross inflows were CHF 0.9 billion, with underlying net flows positive at CHF 38 million (excluding a CHF 0.4 billion segregated-account redemption).
- Client redemptions declined substantially by 81% compared to H1 2025.
The big picture
GAM's strategic transformation over the past two years is beginning to yield results, with improved financial performance driven by stronger investment capabilities and a leaner operating model. The asset manager's focus on alternatives and institutional engagement aligns with broader industry trends toward differentiated strategies and cost efficiency. With CHF 12.7 billion in AUM and positive underlying net flows, GAM is positioning itself for long-term growth through disciplined distribution and product innovation.
What we're watching
- Institutional Demand
- How GAM's expanded range of differentiated investment capabilities will translate into sustainable net inflows.
- Cost Discipline
- Whether GAM can maintain its leaner operating model and strict cost discipline as it scales.
- Product Pipeline
- The pace at which GAM's advanced development strategies will launch and attract client demand.