GAM Investments had delayed its 2022 results by two months, while revealing the firm's net losses had widened to £273m.

In a stock market update on 25 January, the firm delayed its annual results to 25 April, rather than the original publication date of 28 February.

However, the firm did reveal some information, stating that it expects to report an underlying loss before tax of CHF 42.8m (£37.7m) for the year, compared to CHF 9.6m (£8.5m) in 2021.

Additionally, it forecast a net loss after tax of CHF 309.9m (£273.1m) for 2022, compared to a net loss after tax of CHF 23.3m (£20.5m) in the year before.

GAM had already reported a loss of CHF 275.2m (£242.6m) in its half-year results, which were published in August.

The firm said it had delayed its annual results to give its board of directors the "necessary time to prepare" an update to a strategy review of the firm.

While it did not provide updated figures on assets under management, which fell from CHF 99.9bn (£88.1bn) to CHF 83.1bn (£73.3bn) in the first half of the year, it said it had hit its target of cutting expenses by over CHF 20m (£17.6m) since last year.

This was partly due to an 11% reduction in headcount throughout 2022, GAM added.

David Jacob, chair of GAM, said: "2022 was a challenging year with our financial results seeing the impact from a market-led decline in our assets under management.

"However, [CEO] Peter Sanderson has led a team which has delivered strong investment performance for our clients and material progress in simplifying the business, driving further efficiencies and delivering against our cost targets.

"The board is working tirelessly to ensure that the firm is strategically positioned in the best interests of all our stakeholders and for this reason we have decided to delay our results presentation in order to be able to provide a more informative update on our progress".