ZURICH, March 1 (Reuters) - Swiss money manager GAM Holding on Thursday reported underlying pre-tax earnings that exceeded even the highest analyst expectations for 2017.
Underlying pre-tax profit of 172.5 million Swiss francs ($182.5 million) overshot expectations for 157 million francs in a Reuters poll.
“Over the past three years, we have undertaken a top-to-bottom revamp of our business to create an investment management firm designed to gain market share in the new industry environment,” Chief Executive Alexander Friedman said in a statement.
“We are pleased with the financial results achieved in 2017, but recognise there is still a lot to do to deliver on the full potential of GAM.”
Group assets under management rose to 158.7 billion francs from 120.7 billion francs at the end of 2016.
The Zurich-based group reported an 8 percent drop in full-year net profit compared to a result that was boosted by a one-time tax credit in 2016.
$1 = 0.9450 Swiss francs Reporting by Brenna Hughes Neghaiwi; Editing by Michael Shields