GAM’s underlying pre-tax profits tumbled by 91.7 percent in 2019 from CHF 126.7 million to CHF 10.5 million.

This follow a profit warning from the Swiss firm in January, which estimated that profits would fall to around CHF 10 million.

The drop, the firm said, is primarily driven by the decline in assets under management (AuM) and related revenues in investment management, which fell from CHF 56.1 billion as at 31 December 2018 to CHF 48.4 billion as at 31 December 2019.

Despite this, the firm reported st...