Ad hoc annnouncement: GAM Holding AG announces update on strategy,
expected 2023 financial results, and share buyback offer.
14 December 2023
PRESS RELEASE
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION TO ANY PERSON
LOCATED OR RESIDENT IN ANY JURISDICTION WHERE IT IS UNLAWFUL
Ad hoc announcement pursuant to Art. 53 Listing Rules:
GAM Holding AG announces update on strategy, expected
2023 financial results, and share buyback offer.
GAM announces its updated strategy built on four pillars,
supported by its anchor shareholder NJJ Holding, to deliver
sustainable growth and profitability. The four pillars are:
- Focusing on
clients in existing core markets
-
Amplifying and growing core active equity, fixed
income and multi asset strategies by investing in talent and
investment ideas
-
Diversifying into new investment product areas and
building wealth management offering by leveraging GAM’s heritage of
active management and building strategic partnerships
- Enhancing
effectiveness by reducing complexity to focus on
GAM’s investment management capabilities
As part of the updated strategy, GAM expects in 2024 to enter
into new partnerships in alternatives, complete the sale of the
third-party Fund Management Services business, launch the private
shares strategy in Europe, complete the final implementation stage
of the SimCorp platform, enter into new distribution partnerships
for certain geographies, and the transfer of the Management Company
services for GAM funds. The strategy includes a commitment to
fostering diversity, equity and inclusion and, as part of this
commitment, the GAM Holding Board intends to propose at least two
diverse candidates for election to the Board at the 2024 Annual
General Meeting.
GAM expects to report an underlying loss before tax of between
CHF 45 to 50 million for the full year 2023. This compares to a CHF
42.8 million underlying loss before tax for the full year 2022. It
also expects to report an IFRS net loss after tax of between CHF
105 to 110 million for the full year 2023. This compares to an IFRS
net loss after tax of CHF 309.9 million for the full year 2022.
The average management fee margin for the financial year 2024 is
expected to reduce to approximately 45 basis points reflecting the
expected mix of assets driven by net client flows and sub-advisory
agreements with existing and new partners, such as
Investcorp-Tages.
GAM Holding AG will launch a share buy-back of up to a maximum
of three million registered shares (1.88% of the shares in issue)
to meet its share-based payment obligations. The share buy-back
will take place from 15 December 2023 until 17 January 2024, 12:00
noon CET, and the offer price for each registered share is CHF
0.425.
The payment of the share buy-back price against delivery of the
registered shares is expected to take place with value date 19
January 2024. If the number of tendered registered shares exceeds
the maximum volume of the buy-back offer, declarations of
acceptance will be reduced on a pro-rata basis. Helvetische Bank AG
has been appointed to implement the share buy-back. The terms of
the share buy-back offer are published on the company’s website
(https://www.gam.com/en/our-company/investor-relations/share-buy-back-programme)
and the website of the Swiss Takeover Board (www.takeover.ch).*
Further to the announcement on 4 October that the NewGAMe
investor group will hold not less than 27.1 % of the share
capital of GAM following their tender offer, NewGAMe have informed
GAM that, in addition to FINMA, they have received approval from
the United Kingdom's FCA, Luxembourg's CSSF and the Bank of Italy.
NewGAMe expect settlement of their tender offer in mid-January
2024, subject to the approval of the Central Bank of Ireland being
received.
Elmar Zumbuehl, GAM’s Chief Executive Officer
said: “I am pleased to announce our updated strategy
focused on achieving sustainable growth and profitability with the
support of our anchor shareholder NJJ Holding. GAM looks forward to
creating long-term value and success for all our clients,
shareholders, and employees.”
Upcoming events:
27 March 2024
Full
year results 2023
For further information please contact:
Charles Naylor
Global Head of
Communications and Investor RelationsT +44 7890 386 699
Media Relations
Ute Dehn Christen T
+41 58 426 31
36
Visit us: www.gam.comFollow us: Twitter and LinkedIn
GAM
GAM is an independent investment manager that is listed in
Switzerland. Total assets under management were CHF 64.9 billion as
of 30 September 2023, with Investment Management at CHF 20.2
billion and Fund Management Services at CHF 44.7 billion. GAM has
global distribution with offices in 14 countries and is
geographically diverse with clients in almost every continent.
Headquartered in Zurich, GAM Investments was founded in 1983 and
its registered office is at Hardstrasse 201 Zurich, 8037
Switzerland.
Other Important Information
*This offer is not being and will not be made, directly or
indirectly, in the United States of America and / or to US persons
and may be accepted only by Non-US persons and outside the United
States of America. Accordingly, copies of this document and any
related materials are not being, and may not be, sent or otherwise
distributed in or into or from the United States of America, and
persons receiving any such documents (including custodians,
nominees and trustees) may not distribute or send them in, into or
from the United States of America.
This release contains or may contain statements that constitute
forward-looking statements. Words such as “anticipate”, “believe”,
“expect”, "estimate", "aim", “project”, “forecast”, "risk",
“likely”, “intend”, “outlook”, “should”, “could”, "would", “may”,
“might”, "will", "continue", "plan", "probability", "indicative",
"seek", “target”, “plan” and other similar expressions are intended
to or may identify forward-looking statements.
Any such statements in this release speak only as of the date
hereof and are based on assumptions and contingencies subject to
change without notice, as are statements about market and industry
trends, projections, guidance, and estimates. Any forward-looking
statements in this release are not indications, guarantees,
assurances or predictions of future performance and involve known
and unknown risks, uncertainties and other factors, many of which
are beyond the control of the person making such statements, its
affiliates and its and their directors, officers, employees, agents
and advisors and may involve significant elements of subjective
judgement and assumptions as to future events which may or may not
be correct and may cause actual results to differ materially from
those expressed or implied in any such statements. You are strongly
cautioned not to place undue reliance on forward-looking statements
and no person accepts or assumes any liability in connection
therewith.
This release is not a financial product or investment advice, a
recommendation to acquire, exchange or dispose of securities or
accounting, legal or tax advice. It has been prepared without
taking into account the objectives, legal, financial or tax
situation and needs of individuals. Before making an investment
decision, individuals should consider the appropriateness of the
information having regard to their own objectives, legal, financial
and tax situation and needs and seek legal, tax and other advice as
appropriate for their individual needs and jurisdiction.
- 2023 12 14 Ad hoc GAM strategy update media release EN
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