Sunday, 24 July 2016
Last updated 1 day ago
Oct 23 2012 | 1:21pm ET
GAM Holding said that assets rose in the third quarter in spite of continued difficulties with its most important business line, funds of hedge funds.
The Swiss firm said its assets increased 5.1% to 116.8 billion Swiss francs (US$126 billion) in the quarter, thanks to inflows, fund performance and its acquisition of a majority stake in Arkos Capital.
But its funds of funds continued to disappoint, suffering outflows that were offset by the good news. Still, it sought to offer a silver lining even on that front, noting that redemption pressure by clients at its former parents, Julius Baer and UBS, were slowing.