Wealth and asset manager GAM says it expects to post a CHF 400 million loss for the first half of its financial year, as it writes down goodwill relating to past relationships with Julius Baer and UBS.

The firm said in a trading update this morning (19 June) that it expects to recognise non-cash impairment charges of approximately CHF 410 million in the first six months of 2020, mainly related to goodwill created by the acquisition of GAM by Julius Baer in 2005 and UBS in 1999.

UBS sold GAM to Julius Baer in 2005, and GAM subsequently spun off into its own business again in 2009.

The CHF 400 million loss compa...