Quick Facts / Company Snapshot
- Legal Name: GAM Holding AG
- Headquarters: Hardstrasse 201, CH-8037 Zurich, Switzerland
- Industry: Asset Management / Financial Services
- Core Business Areas: Specialist Active, Alternatives, Wealth Management
- Total Assets Under Management (AuM) 2024: CHF 16.3 billion
- Total Net Fee and Commission Income 2024: CHF 78.2 million
- IFRS Net Loss 2024: CHF (70.9) million
- Underlying Loss Before Taxes 2024: CHF (66.8) million
- Management Fee Margin (Investment Management): 40.4 basis points
- Total Assets 2024: CHF 173.1 million
- Total Liabilities 2024: CHF 63.1 million
- Shareholders’ Equity 2024: CHF 110.0 million
- Cash and Cash Equivalents 2024: CHF 65.1 million
- Number of Full-Time Equivalent Employees (FTEs): 395 (Average for 2024)
- Key Shareholder: NewGAMe investor group (76.00% voting rights)
- Listing: SIX Swiss Exchange
- Ticker Symbols: Swiss securities number 10265962, ISIN CH0102659627
- Founder: Gilbert de Botton (Founded in 1983)
- Chairman of the Board: Antoine Spillmann
- Group Chief Executive Officer: Elmar Zumbuehl
Company Overview
GAM Holding AG is an independent, pureplay, active investment and wealth manager headquartered in Zurich, Switzerland. The company operates as a global investment platform designed to deliver investment performance and service to clients through three primary pillars: Specialist Active, Alternatives, and Wealth Management.
The organization has undergone a significant strategic transformation in 2024 to focus exclusively on its core investment management capabilities. It positions itself as a “Specialist Active” manager, emphasizing deep expertise, high-conviction investing, and the ability to unlock core and niche returns across equities, fixed income, and multi-asset strategies. The firm has moved away from third-party fund services and management company (ManCo) activities to streamline its operating model and reduce complexity.
GAM’s operational philosophy is built on an open architecture approach. This structure allows its investment teams to make decisions based on their individual philosophies and styles within a centralized risk oversight framework, rather than adhering to a single “house view.” The company leverages a global platform with agile operating models and modern, cloud-based technology (SimCorp) to support its investment and wealth management activities.
Key strategic focus areas include:
- Focusing on clients in existing core markets.
- Amplifying and growing core active equity, fixed income, and multi-asset strategies.
- Diversifying into new investment product areas and expanding wealth management offerings.
- Enhancing effectiveness by reducing operational complexity.
Business Segments
GAM’s business is organized into three core areas designed to drive sustainable growth and profitability. The company manages these areas as a single business segment for reporting purposes but provides detailed asset breakdowns and operational descriptions for each.
1. GAM Specialist Active
This segment represents the largest portion of the company’s assets and focuses on delivering high-conviction active management. It encompasses deep expertise in equities, fixed income, and multi-asset investing. The strategies managed here are differentiated from passive or traditional benchmark-oriented products, allowing them to sustain higher fees due to their active nature and performance potential.
Operational Scope:
- Equities: Includes strategies ranging from Global, European, Japanese, Swiss, and Chinese equities to thematic strategies like Disruptive Growth and Luxury Brands.
- Fixed Income: Covers specialist and emerging market products, including credit, insurance-linked strategies, catastrophe bonds, and subordinated debt.
- Multi-Asset: Provides objective-oriented, holistic strategies tailored to individual risk profiles, including daily dealing funds and flexible solutions.
Financial Metrics (2024):
- Assets Under Management (AuM): CHF 14.9 billion
- Percentage of Total AuM: 91.4%
- Average Management Fee Margin: 37.9 basis points
2. GAM Wealth Management
This segment provides tailored investment solutions to high-net-worth individuals (HNWI), family offices, trusts, charities, and foundations. The primary focus is on delivering strong investment performance, first-class client service, and thought leadership.
Operational Scope:
- Client Services: Relationship managers in the UK, Switzerland, and Asia work closely with clients to create personalized portfolios.
- Open Architecture: Clients have access to GAM’s in-house active fund managers as well as a gateway to alternative funds, private markets, and hedge funds.
- Advisory Network: Collaboration with specialist professionals such as tax advisors and legal experts to provide a holistic wealth management approach.
Financial Metrics (2024):
- Assets Under Management (AuM): CHF 0.9 billion
- Percentage of Total AuM: 5.5%
- Average Management Fee Margin: 20.9 basis points
3. GAM Alternatives
GAM Alternatives is a multi-strategy investment platform designed to meet investor demand for alternative managers with niche strategies or a specific competitive edge. This segment integrates internal global specialist absolute return trading with external third-party managers.
Operational Scope:
- Platform: Offers access to differentiated products including hedge funds, private equity, and commodities.
- Strategic Partnerships: Collaborations with firms like Avenue Capital (Sports Opportunities), Arcus Investment (Japan long/short), and Galena Asset Management (Commodities).
- Innovation: Focuses on sourcing best-in-class talent and providing exclusive investment opportunities.
Financial Metrics (2024):
- Assets Under Management (AuM): CHF 0.5 billion
- Percentage of Total AuM: 3.1%
- Average Management Fee Margin: 56.8 basis points
History and Evolution
GAM was founded in 1983 by Gilbert de Botton, a pioneer in open architecture investing. The company has a long heritage of active management and innovation in the asset management industry.
2024 Transformation: The year 2024 marked a pivotal period of stability and renewed strategic momentum following significant board and management changes in late 2023. The company executed a major restructuring to return to sustainable profitability.
- Divestment of Non-Core Assets: GAM sold its Fund Management Services business (Private Label Funds) to Carne Group in early 2024.
- Exit of ManCo Activities: The company transferred its third-party fund management company activities in Luxembourg, Ireland, and Switzerland to Apex Group and 1741 Group. This move allowed GAM to focus entirely on its core investment management capabilities.
- Capital Reinforcement: The company concluded 2024 with a successful CHF 100 million rights issue, resulting in its anchor shareholder, NJJ Holding SAS (through Rock Investment SAS), becoming the majority shareholder.
- Operational Consolidation: Operations were consolidated onto a cloud-based SimCorp order management system to streamline processes and create a scalable platform.
Products and Services
GAM offers a wide range of investment products structured as onshore and offshore funds, segregated mandates, and customized solutions.
1. Equity Strategies
GAM’s equity products utilize distinct approaches based on in-house and external research. The collaborative culture allows investment teams to share insights across various styles, including value, growth, and GARP (growth at a reasonable price).
Key Offerings:
- Global Growth Equities: Managed by experienced teams focusing on broad market opportunities.
- Thematic Strategies: Includes specialized funds like Disruptive Growth and Luxury Brands.
- Regional Focus: Dedicated strategies for European, Japanese, Swiss, Chinese, and Emerging Market equities.
- Performance: As of December 31, 2024, 79% of Equity AuM outperformed their benchmarks over five years.
2. Fixed Income Strategies
The fixed income capability distinguishes itself from traditional styles by focusing on specialist and emerging market debt.
Key Offerings:
- GAM Star Credit Opportunities: A long-standing strategy managed since 1985.
- Catastrophe Bonds: Specialized insurance-linked strategies.
- Mortgage-Backed Securities: Niche debt instruments.
- Emerging Market Debt: Strategies seeking excess returns in developing markets.
- Performance: As of December 31, 2024, 95% of Fixed Income AuM outperformed their benchmarks over five years.
3. Multi-Asset Solutions
This service caters to increasing client demand for objective-oriented strategies that align with individual risk profiles.
Key Offerings:
- Daily Dealing Funds: Liquid multi-asset funds.
- Risk-Rated Strategies: Portfolios tailored to specific risk tolerances.
- MACS (Multi-Asset Class Solutions): Award-winning strategies honored by industry publications.
- Centre of Excellence: A dedicated global team established in 2024 to optimize multi-asset capabilities.
4. Alternative Investments
GAM provides access to absolute return strategies and private markets.
Key Offerings:
- GAM Commodities Fund: Managed in partnership with Galena Asset Management.
- Sports Opportunities Fund: Launched in partnership with Avenue Capital.
- Private Shares Strategy: Providing access to late-stage private equity.
- Systematic Trading: Quantitative investment strategies.
Brand Portfolio
GAM operates primarily under the GAM Investments brand but leverages its platform to distribute and manage funds in partnership with other distinguished brands.
1. GAM Investments
The core brand representing the company’s proprietary active management strategies across equities, fixed income, and multi-asset classes. It is associated with high-conviction investing and institutional-grade risk management.
2. Strategic Partnership Brands
GAM amplifies its product range through alliances with third-party managers, effectively bringing their brands to GAM’s client base.
- Galena Asset Management: A subsidiary of Trafigura Group, partnering with GAM to manage the GAM Commodities Fund.
- Avenue Capital: Partner for the Sports Opportunities Fund.
- Arcus Investment: Partner for the distribution of the Japanese long/short equities fund.
- Sun Hung Kai & Co. Ltd: A strategic partner for expanding distribution and wealth management in the Greater China region.
Geographical Presence
GAM is headquartered in Switzerland and maintains a global footprint to serve its diverse client base. The company creates revenues across multiple jurisdictions based on the domicile of the entity providing the service.
1. United Kingdom
The UK is a significant market for GAM, serving as a hub for investment management and distribution.
- 2024 Revenue: CHF 29.6 million
- Percentage of Total Revenue: 37.9%
- Non-Current Assets: CHF 21.6 million
2. Switzerland
As the company’s home market, Switzerland hosts the headquarters and significant wealth management operations.
- 2024 Revenue: CHF 21.8 million
- Percentage of Total Revenue: 27.9%
- Non-Current Assets: CHF 46.9 million
3. Rest of Europe
GAM maintains a strong presence across continental Europe, with branches and offices in key cities like Milan, Paris, and Madrid.
- 2024 Revenue: CHF 20.3 million
- Percentage of Total Revenue: 26.0%
- Non-Current Assets: CHF 3.5 million
4. Rest of the World
This region includes operations in Asia, Australia, and North America.
- 2024 Revenue: CHF 6.5 million
- Percentage of Total Revenue: 8.3%
- Non-Current Assets: CHF 0.9 million
Financial Performance Analysis
Consolidated Performance
In 2024, GAM reported a financial performance reflective of its ongoing restructuring and the challenging market environment for active managers. The Group focused on stabilizing its balance sheet and streamlining operations.
- Net Fee and Commission Income: Decreased by 39% to CHF 78.2 million in 2024 from CHF 129.2 million in 2023. This decline was primarily driven by lower average assets under management and the sale of the Fund Management Services business.
- Underlying Loss Before Taxes: Recorded at CHF (66.8) million, compared to CHF (49.5) million in 2023. The deeper loss was attributed to revenues declining faster than costs despite significant cost-cutting measures.
- IFRS Net Loss: The reported net loss after tax was CHF (70.9) million, an improvement from the CHF (82.1) million loss in 2023.
Profit and Loss Analysis
Revenue Breakdown:
- Net Management Fees and Commissions: CHF 75.9 million (Down 39% YoY).
- Net Performance Fees: CHF 2.3 million (Down 52% YoY).
- Net Other Income: CHF 3.5 million (Up 775% YoY), driven by income from transition services and lease assignments.
Expenses:
- Personnel Expenses: Reduced by 18% to CHF 81.0 million (IFRS basis) due to a 38% reduction in headcount (FTEs dropped to 294).
- General Expenses: Decreased by 24% to CHF 54.0 million, reflecting lower professional fees and data/research costs.
- Depreciation and Amortization: CHF 13.8 million.
- Total Expenses: CHF 148.8 million (Down 30% YoY).
Ratios:
- Underlying Operating Margin: (82.7)%
- Compensation Ratio: 98.2% (reflecting fixed costs relative to reduced revenue base).
- Basic Earnings Per Share (EPS): CHF (0.27).
Balance Sheet Analysis
Assets:
- Total Assets: CHF 173.1 million.
- Cash and Cash Equivalents: CHF 65.1 million.
- Intangible Assets: CHF 51.9 million, including the GAM brand valued at CHF 28.6 million after a CHF 5.4 million impairment write-back.
- Deferred Tax Assets: CHF 0.8 million.
Liabilities:
- Total Liabilities: CHF 63.1 million.
- Non-Current Liabilities: Reduced significantly to CHF 24.9 million from CHF 93.0 million in 2023, largely due to the repayment of the Rock loan facility.
- Pension Liabilities: CHF 7.4 million.
Equity:
- Shareholders’ Equity: Increased to CHF 110.0 million from CHF 71.0 million in 2023, bolstered by the rights issue.
- Share Capital: CHF 53.3 million.
Cash Flow Analysis
Operating Activities:
- Cash Outflow from Operating Activities: CHF (68.1) million. The outflow was driven by the operating loss and restructuring costs.
Investing Activities:
- Cash Outflow from Investing Activities: CHF (25.0) million. This included the disposal of the FMS business (transfer of cash balances) and investments in property/equipment.
Financing Activities:
- Cash Inflow from Financing Activities: CHF 49.8 million. Major inflows included proceeds from the issuance of shares through the rights issue (CHF 29.1 million net) and loans (which were subsequently repaid/converted). Lease liability payments amounted to CHF 6.0 million.
Liquidity Position:
- Net Decrease in Cash: CHF (43.5) million for the year.
- Ending Cash Balance: CHF 65.1 million.
Board of Directors and Leadership Team
Board of Directors
The Board is responsible for the overall strategy, supervision, and control of the company. It is composed entirely of non-executive members.
- Antoine Spillmann (Chairman): Executive Partner of Bruellan SA. He brings extensive experience in asset and wealth management. Member of the Governance & Nomination Committee.
- Anthony Maarek (Vice Chair): Managing Director of NJJ Holding SAS. He chairs the Audit & Risk Committee and has expertise in complex transactions and financial audits.
- Donatella Ceccarelli: Independent non-executive director. Experienced in family office management and finance. Member of the Audit & Risk and Governance & Nomination Committees.
- Inès de Dinechin: Independent non-executive director. Chair of the Compensation Committee. She has over 30 years of experience leading financial institutions.
- Anne Empain: Independent non-executive director. Chair of the Governance & Nomination Committee. She has a background in alternative investments and legal compliance.
- Carlos Esteve: Independent non-executive director. Founder of Banque Heritage Ltd with over 40 years in wealth management. Member of the Compensation Committee.
- Jeremy Smouha: Non-executive director. Chairman of Atlanticomnium SA and a founding member of GAM in 1983.
Group Management Board (GMB)
The GMB is responsible for the day-to-day management of the Group.
- Elmar Zumbuehl (Group CEO): Formerly Global Chief Risk Officer and General Counsel. He leads the strategic implementation.
- Richard McNamara (Group CFO): Responsible for financial management. He rejoined GAM in 2023 after previously serving as CFO from 2015 to 2022.
- Martin Jufer (Global COO, GAM CH CEO): Oversees operations and the Swiss business.
- David Kemp (Global Head of Legal & Compliance, GAM UK CEO): Manages legal, compliance, and UK operations.
- Albert Saporta (Global Head of Investments & Products): Leads investment strategies and product development.
- Rossen Djounov (Global Head of Client Solutions): Responsible for global distribution and client relationships.
Subsidiaries, Associates, and Joint Ventures
GAM operates through a network of subsidiaries that conduct its investment management and distribution activities. The following are key operating entities:
Key Subsidiaries:
- GAM (UK) Limited: Based in London, share capital GBP 43,000,031 (100% ownership). A primary hub for investment management.
- GAM International Management Limited: Based in London, share capital GBP 3,750,028 (100% ownership).
- GAM (Switzerland) Holding AG: Based in Zurich, share capital CHF 10,250,000 (100% ownership).
- GAM Investment Management (Switzerland) AG: Based in Zurich, share capital CHF 1,200,000 (100% ownership).
- GAM (Luxembourg) S.A.: Based in Luxembourg, share capital EUR 5,002,000 (100% ownership). Acts as a management company for EU-domiciled funds.
- GAM Hong Kong Limited: Based in Hong Kong, share capital HKD 108,000,000 (100% ownership).
- GAM Japan Limited: Based in Tokyo, share capital JPY 1,223,000,000 (100% ownership).
- GAM (Italia) SGR S.p.A.: Based in Milan, share capital EUR 2,000,000 (100% ownership).
- GAM Systematic LLP: Based in London, share capital GBP 33,411,284 (100% ownership). Focuses on systematic strategies.
Physical Properties
GAM does not own significant real estate but leases offices in key financial centers globally to support its operations and client coverage.
Key Office Locations:
- Zurich, Switzerland: Hardstrasse 201 (Headquarters).
- London, United Kingdom: Major operational and investment hub. (Note: Leases for two floors were assigned to a third party in 2024).
- Milan, Italy: Branch office.
- Paris, France: Planned branch office (approvals pending as of report date).
- Miami, USA: Office opened to cover US international and Latin American markets.
- Hong Kong, China: Key office for Asian operations.
- Tokyo, Japan: Office serving the Japanese market.
- Singapore: Office for Southeast Asian distribution.
- Sydney, Australia: Office serving Australia and New Zealand.
- Luxembourg: Office for fund management services.
- Madrid, Spain: Branch office.
Segment-Wise Performance
Investment Management
This segment reflects the core active management business.
- Assets Under Management: CHF 16.3 billion (Decrease of CHF 3.0 billion from 2023).
- Net Flows: CHF (4.4) billion (Net outflows).
- Management Fee Margin: 40.4 basis points (Down from 49.7 bps in 2023).
- Performance: 64% of AuM outperformed benchmarks over 3 years; 89% outperformed over 5 years.
Fund Management Services (Discontinued)
This segment was sold in early 2024.
- Status: Transferred to Carne Group as of January 31, 2024.
- Assets Under Management: Reduced to zero following the transfer.
- Revenue Contribution: CHF 14.8 million in fees prior to disposal.
Founders
Gilbert de Botton founded GAM in 1983. He was a visionary in the asset management industry, widely recognized as the pioneer of the “open architecture” investing model. His philosophy centered on identifying and accessing the best investment talent globally, regardless of whether they were internal or external to the firm. This legacy of seeking exceptional active management talent continues to define GAM’s strategy today, particularly in its Alternatives and Wealth Management segments.
Shareholding Pattern
As of December 31, 2024, the shareholding structure is dominated by a strategic investor group following the rights issue.
Significant Shareholders:
- NewGAMe Investor Group: Holds 76.00% of voting rights. This group consists of Xavier Niel (through NJJ Holding SAS and Rock Investment SAS), Michael Golan, Anthony Maarek, Albert Saporta, and Bruellan Holding SA.
- NJJ Holding SAS / Rock Investment SAS: The anchor shareholder that underwrote the rights issue and provided financial support.
Share Capital:
- Ordinary Share Capital: CHF 53,207,338.90
- Total Registered Shares: 1,064,146,778 (Par value CHF 0.05).
Parent
GAM Holding AG is the ultimate parent company of the Group. It is a publicly listed company on the SIX Swiss Exchange and is not a subsidiary of another listed entity. However, it is majority-controlled by the NewGAMe investor group, specifically led by NJJ Holding SAS, a holding company controlled by Xavier Niel.
Parent Entity Profile (NJJ Holding SAS):
- Controller: Xavier Niel.
- Role: Strategic anchor shareholder providing capital stability and strategic direction.
- Activity: NJJ Holding SAS manages a diversified portfolio of investments, particularly in telecommunications, technology, media, and real estate.
Investments and Capital Expenditure Plans
GAM’s investment strategy focuses on stabilizing the platform and investing in talent and technology to drive future growth.
Strategic Investments:
- Technology: Consolidation of operations onto the cloud-based SimCorp investment management platform to enhance efficiency and scalability.
- Talent Acquisition: Recruitment of first-class investment talent in alternatives, systematic, and equities teams. Specifically, a new European Equity team was hired from Janus Henderson Investors in early 2025.
- Distribution: Expansion of distribution leadership with new Heads of Distribution appointed across Switzerland, Germany, Austria, Iberia, the UK, Australia, New Zealand, and France.
- New Offices: Investment in opening a new office in Miami and establishing branches in Paris and Milan.
Capital Expenditure:
- Property and Equipment Additions (2024): CHF 2.3 million.
- Intangible Assets Additions (Software): CHF 5.3 million.
Future Strategy
GAM aims to return to sustainable profitability by the financial year 2026. The strategy is anchored in four pillars:
- Focusing on Clients: Concentrating on clients in existing core markets while expanding reach through strategic partnerships in markets where scalable distribution is lacking (e.g., partnership with Sun Hung Kai & Co. in Greater China).
- Amplifying Core Strategies: Investing in talent and product ideas to grow core active equity, fixed income, and multi-asset strategies. This includes establishing a multi-asset centre of excellence.
- Diversifying into New Products: leveraging the alternatives platform to launch differentiated offerings such as the Private Shares strategy and partnering with external managers like Avenue Capital.
- Enhancing Effectiveness: Continuing to reduce complexity by outsourcing non-core functions (ManCo activities) and optimizing the global technology platform.
Expansion Initiatives:
- Launch of the GAM LSA Private Shares strategy in Europe in H1 2025.
- Assessing M&A opportunities to enhance offerings throughout 2025.
- Partnering with best-in-class external managers for distribution.
Key Strengths
- Investment Performance: 89% of assets under management outperformed their benchmarks over a five-year period as of December 31, 2024.
- Specialized Expertise: Deep heritage and proven track record in high-conviction active management across equities and fixed income.
- Global Platform: A scalable, cloud-based operating model (SimCorp) capable of supporting growth without proportional cost increases.
- Strategic Backing: Strong financial and strategic support from the majority shareholder, NJJ Holding SAS, ensuring balance sheet stability.
- Open Architecture: A flexible investment model that allows for the integration of best-in-class external managers alongside internal teams.
Key Challenges and Risks
Operational and Business Risks:
- Revenue and Product Profitability: Vulnerability to changing dynamics in the asset management industry, such as fee pressure and shifts toward passive strategies.
- Client Concentration: Risk of losing large institutional investors or wholesale intermediary relationships which could adversely affect AuM.
- Loss of Key Staff: Dependence on key investment professionals; their departure could lead to AuM outflows.
Financial Risks:
- Foreign Exchange: Exposure to currency fluctuations (USD, EUR, GBP, CHF) affecting reported results.
- Liquidity: Ensuring sufficient liquidity to meet obligations, managed through careful monitoring and shareholder financing.
Market and Strategic Risks:
- Poor Investment Performance: Underperformance could lead to reduced performance fees and client outflows.
- Geopolitical Developments: Risks associated with market closures, sanctions, or instability in operating regions.
Regulatory Risks:
- Legal and Regulatory Change: High compliance costs and risks associated with evolving global financial regulations and ESG standards.
Conclusion and Strategic Outlook
GAM Holding AG has navigated a year of profound transformation in 2024, emerging as a focused, pureplay active investment manager. By divesting non-core services and securing a robust capital structure through its strategic shareholders, the company has stabilized its foundation.
With a clear strategy to reach profitability by 2026, GAM is aggressively investing in top-tier talent, expanding its distribution footprint in key global markets, and leveraging strategic partnerships to diversify its product suite. The firm’s commitment to high-performance active management, combined with a streamlined, scalable operating platform, positions it to capture new opportunities in the specialist active, alternatives, and wealth management sectors.
Official Site: https://www.gam.com/
FAQ Section:
- What are GAM Holding AG’s core business areas? GAM operates through three primary business segments: Specialist Active (equities, fixed income, multi-asset), Alternatives (hedge funds, private markets), and Wealth Management.
- Who is the majority shareholder of GAM Holding AG? As of the end of 2024, the NewGAMe investor group, led by NJJ Holding SAS (controlled by Xavier Niel), holds approximately 76% of the company’s voting rights.
- What was GAM’s Assets Under Management (AuM) in 2024? GAM reported total Assets Under Management (AuM) of CHF 16.3 billion as of December 31, 2024.
- Is GAM Holding AG profitable? For the financial year 2024, GAM reported an IFRS net loss of CHF 70.9 million and an underlying loss before taxes of CHF 66.8 million. The company targets a return to profitability by 2026.
- Where is GAM Holding AG headquartered? GAM Holding AG is headquartered in Zurich, Switzerland, at Hardstrasse 201.
- What strategic changes did GAM undertake in 2024? In 2024, GAM sold its third-party fund management services business, outsourced its ManCo activities, consolidated operations onto the SimCorp platform, and completed a CHF 100 million rights issue.
Content is based on publicly available corporate filings, regulatory disclosures, annual reports, 10-K filings, Investor Relations materials, and direct mail communication with the company.
