GAM INVESTMENTS Won't Take Your Money And Is Starting to Regret Its Bets

GAM Investments built its reputation on big calls that paid off.

Now it's navigating what happens when the playbook stops working and the doors stay closed.

GAM Investments has been promising a comeback for seven years. The numbers keep saying otherwise.

The Swiss asset manager ended 2025 with £11.8 billion under management down from £15.5 billion just twelve months earlier. Net outflows of £3.5 billion drove the decline, with clients pulling money faster than markets could replace it. Nearly a third of the firm's assets, gone in a single year.

The losses are verified from official filings. GAM posted a net loss after tax of £70.3 million for full-year 2025, with an underlying pre-tax loss of £57 million. The year before was no better the underlying pre-tax loss was £64.2 million in 2024. Four straight years of losses. Four straight years of promises.

The firm isn't attracting outside money in any meaningful sense  it's losing it. Revenue falling from lower assets is outpacing every cost cut the firm makes, meaning the restructuring isn't moving fast enough to catch the bleed.

GAM's troubles trace back to 2018, when it suspended a high-profile fund manager, breaking client trust and triggering outflows that never fully recovered. Since then: multiple ownership changes, a near-takeover by Liontrust that collapsed, a £94.8 million emergency rights issue in 2024, and a revolving door of CEOs.

The board itself admitted in March 2026 that a return to profitability will take "longer than previously targeted." A firm that once managed over £90 billion is now a £11.8 billion operation drawing down a loan facility  £36.5 million already taken  and relying on French billionaire Xavier Niel's holding company to stay solvent.

The investment performance, to GAM's credit, is fine. 61% of assets are beating their three-year benchmark. The problem isn't the returns on money that stayed. It'sthe £3.5 billion that walked out the door anyway.

‍