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GAM expects to report 1H loss of 400 mln Sfr

ZURICH, June 19 (Reuters) - Swiss asset manager GAM Holding expects to report an IFRS net loss for the first half of 2020 of about 400 million Swiss francs ($420.92 million), it said in on Friday, as it writes down the value of decades-old goodwill.

“The Group expects to recognise non-cash impairment charges of approximately 410 million francs, net of tax, mainly related to goodwill which was primarily created by the acquisition of GAM by Julius Baer in 2005 and UBS in 1999,” GAM said in a statement. (Reporting by John Miller; editing by Brenna Hughes Neghaiwi)

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