Swiss asset manager GAM posted a narrower net loss for fiscal year 2025, reporting a loss of CHF 74.2 million as expense reductions helped mitigate the effect of sliding fee-based revenue.
On an adjusted pretax basis, GAM's loss improved to CHF 60.2 million for the full year. Company statements attributed the improvement principally to cost-cutting initiatives implemented during the period. That progress was partly offset by a decrease in net fee and commission income, which weighed on overall results.
During the year, assets under management declined to CHF 12.5 billion. GAM said that the reduction in AUM owed to a combination of net client outflows and asset disposals that took place over the reporting period.
Looking ahead, GAM acknowledged that the timeline for returning to profitability has shifted. The company indicated that a return to profit in 2026 is likely to take longer than it had previously targeted. Management identified its main priorities for the coming year as delivering growth and securing sustainable net inflows.
Despite the revised timeline for profitability, GAM stated that it remains confident in the strength of its strategic foundations and that those foundations support the potential for sustainable growth over time.
Corporate outlook and near-term focus
GAM's near-term strategy centers on rebuilding net inflows and focusing on growth while maintaining the cost discipline that contributed to the improved adjusted pretax result. The firm has signaled that management views both revenue performance and the pace of asset inflows as critical to restoring profitability on a timetable that is now expected to be longer than previously anticipated.
Financial context preserved from the report
- Net loss for fiscal 2025: CHF 74.2 million.
- Adjusted pretax loss for the full year: CHF 60.2 million.
- Assets under management at period end: CHF 12.5 billion.
- Drivers cited by management: cost reductions, lower net fee and commission income, net outflows and asset disposals.
The company has signaled a continuation of efforts to translate its strategic position into sustained net inflows and longer-term growth, while acknowledging that the path back to profitability will take longer than earlier plans suggested.