After a turbulent year, GAM Holdings has reduced its pre-tax losses by 69.3 percent.

IFRS net losses pre-tax decreased from CHF 266.2 million at the end of 2022 to CHF 81.7 million a year later.

Despite this decrease, underlying losses actually increased by 16 percent from CHF 42.5 million to CHF 49.5 million, which the firm attributed to lower assets under management (AUM).

AUM fell 16.8 percent from CHF 23.2 billion to CHF 19.3 billion in the period.

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