GAM has given these figures as it delays its annual report publication right until 4 May. 

Referring to the Liontrust merger talks, it said: “Our discussions are focused on ensuring the firm is strategically positioned in the best interests of all our stakeholders. A further announcement will be made upon successful conclusion, which we expect on or before the 4 May.”

Describing the level of its assets under management, the firm said that negative market movements and foreign exchange of SFr15.2 billion accounted for more than 60 per cent of the overall cut in the AuM figure.

Investment performance last year was “good,” it said, with 55 per cent of investment management assets under management outperforming their benchmark over three years as at 31 December. Some 66 per cent and 67 per cent of GAM’s assets under management tracked by Morningstar outperformed their respective peer groups over three and five years compared with 70 per cent and 62 per cent as at 31 December 2021, respectively.

GAM, due to hold its AGM on 25 May, has been battling to recover its fortunes since Tim Haywood, who managed the ARBF business, was suspended in 2018 amid claims of misconduct (he was subsequently dismissed). Clients pulled money out of the firm. GAM has also seen its fortunes affected by the selloff in global markets during 2022.