The private labelling business provides fund solutions focused on structuring, legal set-up, fund administration arrangements and management company services.

GAM Holding, the Switzerland-listed asset manager, yesterday said that a management company which services clients in its private labelling business is switching to another provider.

The firm didn’t name the “provider” in its press statement yesterday. The transfer is expected to start in the second half of this year.

“We are proud to have helped the client build and grow a complex business over more than 15 years to service the needs of their clients. I am pleased that the client has said that they will remain as a positive client reference even as they complete an internal strategic change. We will work with them to ensure a smooth transition and look forward to continuing to maintain a close business relationship,” Martin Jufer, head of GAM Private Labelling, said.

The private labelling business provides fund solutions focused on structuring, legal set-up, fund administration arrangements and management company services.

In the meantime, GAM will announce its 2020 full-year results on 18 February.

A few days ago, GAM said that it expects to report an underlying pre-tax loss of about SFr15 million ($16.8 million) compared with a SFr10.5 million underlying profit for the full year in 2019. The group also expects to report an IFRS net loss for the full year of 2020 of about SFr380 million, compared with the net loss of SFr3.5 million for 2019.