Assets under management at Zurich-based asset manager GAM Investments dropped to £79.8bn over 2021, down from £97.3bn at the end 2020, triggering a revision of its 2024 financial targets.
Investment management client outflows were up at £3.5bn, while fund management services recorded net client outflows of £16.4bn, which the firm said was primarily due to one large client departure.
In terms of performance, equities and fixed income made gains, however, with 68% and 60% of assets under management outperforming their benchmarks over three and five years respectively.
Underlying losses improved last year, compared to 2020, with losses before tax of £7.7m, compared with £11.9 in losses at the end of 2020.
"2021 was a pivotal year of strategic progress for GAM, which has put us in a good position to focus on delivering value to our stakeholders through bringing GAM to growth," said Peter Sanderson, group CEO.
"In the new post-pandemic paradigm, we are seeing an increased appetite for actively managed alternative, sustainable and high-conviction strategies and solutions from our existing and potential clients, which plays to our strengths as a firm," he added.
Financial targets for 2024 have been revised to reflect current levels of assets, according to the manager.
GAM boost disruptive growth team
Across its fixed income universe, outflows for the year totalled £1.8bn, driven mainly by the GAM Local Emerging Bond and GAM Star Credit Opportunities funds.
Elsewhere, equity inflows reached CHF 0.3bn, primarily driven by disruptive growth, continental European equity and luxury brand funds.
In September last year, GAM Investments launched a sustainable climate bond strategy targeting green and sustainability-linked bonds issued by European financials.
Meanwhile, it moved to close five funds totalling €258m (£215.9m) in assets, putting 16 jobs at risk.
