The Zurich-based asset and hedge fund manager GAM, formerly part of Julius Baer, has filed first half results showing an underlying net profit of SFr106.3 million ($102.1 million), up 36 per cent year-on-year.

Assets under management of SFr116.6 billion were up SFr11.3 billion (11 per cent) year-on-year and up SFr3.0 billion (3 per cent) from year-end 2009.

Net new money inflows of SFr5.6 billion highlighted “progress made in diversifying product ranges and distribution channels,” the firm stated.

The company also announced a share buy-back programme: the repurchase and cancellation of up to 10 per cent of the company's outstanding shares over two years.

This will be accompanied by a dividend payout target of approximately 50 per cent of annual net profits.

GAM intends to move forward by investing in organic growth and looking for acquisitions. It believes itself to be “strongly positioned to benefit from its status as a truly independent, active asset management firm.”