Assets at GAM Holdings' investment management unit fell 26.7% over the six months ended June 30, to 35.5 billion Swiss francs ($37.4 billion).
The firm's half-year results, published Tuesday, showed that investment management assets fell 0.6% over three months and dropped 31.9% year-on-year to June 30.
Net outflows totaled 8.5 billion francs, compared with 7.6 billion francs in net outflows for the six months ended June 30, 2019. Market movements and foreign exchange impacts had a negative impact on assets in the first half of the year, with a loss of 3.9 billion francs, compared with a positive 3.6 billion francs gain for the same period in 2019.
For the quarter, investment management net outflows totaled 2 billion francs, compared with 6.5 billion francs for the first quarter of the year and net outflows of 3.6 billion francs for the second quarter of 2019.
Within the investment management unit, institutional AUM fell 32.7% over the first six months of 2020, to 16.5 billion francs. Institutional net outflows totaled 3.5 billion francs, compared with net outflows of 2.5 billion francs for the first half of 2019. Quarterly figures were not available.
Net outflows were recorded across asset classes. Fixed-income strategies suffered 5.7 billion francs in net outflows in the first half of the year, equity net outflows were 800 million francs, multiasset net outflows were 200 million francs and alternatives net outflows were 700 million francs. Systematic strategies net outflows were 900 million francs and absolute return funds lost 200 million francs in net outflows in the six months ended June 30.
Investment management net fee and commission income fell to 105.4 million francs as of June 30, a 26.8% drop vs. figures for the first half of 2019.