GAM has reported an underlying pre-tax loss of CHF 14.9 million in its 2020 full year results.

This is than the CHF 10.5 million profit the firm recoded in 2019.

GAM attributed this loss to lower net fee and commission income, which decreased by 29 percent from CHF 329.9 million to CHF 232.2 million.

The IFRS net loss was CHF 388.4 million in 2020 compared with a net loss of CHF 3.5 million in 2019. This was mainly due to the impairment of legacy goodwill of CHF 373.7 million, primarily created by the acquisition of GAM by Julius Baer in 2005 and UBS in 1999.

General expenses were down 25 percent to ...