“Our first-half results demonstrate that the strategic measures taken over the past two years are translating into better commercial results and a stronger financial performance,” stated Albert Saporta, CEO of GAM Group, following the presentation of the first-half results for the year.
According to the published figures, the pre-tax loss under IFRS narrowed by 39% to CHF 24.7 million (H1 2025: CHF 40.4 million). “The first-half loss was materially reduced due to a leaner operating model and strict cost discipline,” the asset manager explained.
Most notably, assets under management rose to CHF 12.7 billion as of June 30, 2026, up from CHF 12.5 billion recorded on December 31, 2025. Additionally, gross capital inflows reached CHF 900 million, with a strong focus on alternative investments. “GAM’s transformation is beginning to bear fruit: assets under management are increasing thanks to solid gross capital inflows and improved performance, while client redemptions have decreased substantially,” they stated.
“We generated nearly CHF 1 billion in gross inflows and, excluding the redemption of a single segregated account by a client undergoing a post-merger restructuring, underlying net flows were positive. Assets under management increased, investment performance remained strong, and our loss was significantly reduced, driven by a 17% reduction in operating expenses compared to the first half of 2025. We remain focused on our priorities: delivering strong investment performance for our clients, growing assets through disciplined distribution, continuing to enhance operational excellence, and maintaining strict cost discipline,” Saporta noted.
When highlighting key financial metrics, the asset manager also emphasized that its investment performance strengthened during the first six months of the year. “96% of applicable AuM in alternatives and 84% of applicable AuM in fixed income outperformed their respective three-year benchmarks. Over five years, the corresponding figures were 85% and 91%, respectively. Overall, across all of our business lines, 64% of applicable AuM outperformed its three-year benchmark and 58% outperformed its five-year benchmark as of June 30, 2026, compared to 61% and 54% as of December 31, 2025,” they highlighted.
Strategic Vision and Transformation
Following the transformation program launched by GAM two years ago, the Group now combines a lower cost base and a simplified operational structure with an expanded range of differentiated investment capabilities. According to the company, its model brings together specialized in-house teams and selected strategic investment alliances, providing multiple avenues for organic growth moving forward without proportionally increasing the Group’s fixed cost base.
In this regard, it continued to simplify its operational structure while maintaining its partnerships with Swiss Re ILS and Gramercy Emerging Market Debt, which completed their first full year during this period and are now fully integrated within GAM. “Establishing a longer real track record expands eligibility for due diligence processes and mandate selections by institutional investors, which will drive future distribution opportunities,” they noted.
During the first half, GAM continued to reinforce its commercial capabilities through its operating model and an integrated data architecture, enabling greater use of data, artificial intelligence, and specialized market intelligence across marketing, distribution, and client service. These capabilities support more effective digital distribution, deeper client engagement, improved product positioning, and the identification of institutional opportunities. The company also bolstered its distribution talent across Europe and Asia by adding senior client-facing personnel in Germany, Italy, Iberia, and Japan, further strengthening local coverage in its core markets.
A key highlight of the six-month period was its alternatives business. The Alternative Investments division generated the majority of gross inflows during the period. The GAM Swiss Re Cat Bond UCITS Fund closed the reporting period with nearly USD 2 billion in assets, supported by continued client demand alongside improved valuation and trading conditions. Additionally, the GAM LSA Private Shares strategy surpassed USD 250 million in assets, while the emerging market debt range expanded through the alliance with Gramercy.
Finally, GAM continued to develop its Specialist Active offering across equities, fixed income, and multi-asset investments, including active special situations strategies. During this period, the GAM Sustainable Emerging Markets Equity strategy exceeded USD 250 million in assets, while the European equity team established a one-year investment track record at GAM, laying an important foundation for future institutional distribution.
