The group has restructured and its latest results show that work is bearing fruit, it said yesterday. The firm has used more than half of its loan facility; a letter of intent exists to provide more funding if needed.

Yesterday, GAM, the investment house listed in Zurich, announced an underlying pre-tax loss of SFr24 million ($29.6 million) in the first half of 2026, narrowing from a loss of SFr34.1 million in the same period a year earlier. 

The 30 per cent contraction in the loss was mainly caused by cuts to operating costs. Underlying costs fell 17 per cent to SFr47.8 million. 

The underlying result compares with an IFRS loss before tax of SFr24.7 million, with the SFr700,000 difference relating to expenses incurred through strategic initiatives, GAM said in a statement. 

The group reported SFr900 million of net inflows and a cut in client redemptions, aided by stronger client retention and demand for its alternative investment offering.

GAM said it is retaining access to committed financing through its SFr100 million loan facility with Rock Investment SAS, a subsidiary of NJJ, which remains available until December 2027. At 30 June 2026, SFr58 million had been drawn. Rock Investment SAS has also provided a letter of intent to provide additional financial support should it be required. 

GAM has been battling to recover its fortunes since one of its managers was suspended in 2018 amid claims of misconduct (he was subsequently dismissed). Clients pulled money out of the firm after the affair, and there have been a number of restructuring and management moves since.

In total, assets under management were SFr12.7 billion at 30 June, up from SFr12.5 billion at the end of last year. 

“Our first half results demonstrate that the strategic actions taken over the past two years are translating into improved commercial outcomes and stronger financial performance,” Albert Saporta, group CEO of GAM, said.