Gam Holding Ag · SIX:GAM
Gam — H1 2024 Earnings Presentation
22 slides from Gam's earnings presentation, Aug 8, 2024
Slide 1: GAM Holding AG Half Year Results Presentation
GAM Holding AG Half Year Results Presentation 8th August 2024 This marketing material is restricted to eligible professional/institutional investors only in compliance with applicable laws. Please see “Important Legal Information” at the end of this presentation. This document is confidential and in
Slide 2: Key highlights
Key highlights Financial highlights for H1 2024 Strong progress on turnaround strategy implementation supported by significant financial commitment from anchor shareholder through fully underwritten rights issue. GAM targets to achieve profitability in fiscal year 2026. AuM at CHF 19.0 billion compa
Slide 3: Group overview
Group overview Distinctive product offering combined with significant global presence and reach CHF 79% 16 Global distribution and investment presence, 19.0bn with 16 offices in 14 ~70 of GAM’s AuM in independent Investment Management investment teams¹ AuM¹ in GAM have outperformed their countries I
Slide 4: Strategy overview: GAM's four key pillars
Strategy overview GAM’s four key pillars GAM’s strategy is designed across four key pillars to achieve sustainable growth and profitability by delivering best possible investment performance and exemplary service for our clients. Clients Amplification Diversification Effectiveness We have made great
Slide 5: Strategy overview: Refocus and Rebuild
Strategy overview Refocus and Rebuild We have made great progress in 2024 on our four-pillar strategy to transform GAM into a more focused, client- centric, and profitable business. GAM is focusing exclusively on its Investment and Wealth Management businesses, expanding its distribution reach and c
Slide 6: Strategic progress: Clients
Strategic progress Clients Amplification Diversification Effectiveness Focusing on clients in our existing core markets. Strengthening GAM’s global distribution footprint, client relationship management and revenue generating capabilities. Established a strategic alliance with Sun Hung Kai & Co. Ltd
Slide 7: Strategic progress: Amplification
Strategic progress Clients Amplification Diversification Effectiveness Amplifying and growing our core active strategies in equity, fixed income and multi-asset by investing in talent and product ideas. GAM’s ability to attract investment talent and its strong investment performance supporting and e
Slide 8: Strategic progress: Diversification
Strategic progress Clients Amplification Diversification Effectiveness Diversifying into new investment product areas and building wealth management offering by leveraging GAM’s heritage of active management, building new strategic partnerships and GAM’s alternatives and hedge funds platform. Buildi
Slide 9: Strategic progress: Effectiveness
Strategic progress Clients Amplification Diversification Effectiveness Enhancing effectiveness by reducing complexity to focus on GAM’s investment and wealth management capabilities. Radically refocussing and transforming our operating model and to run at a lower cost base going forward, whilst targ
Slide 10: GAM Investment's capability: Strong investment performance
GAM Investment’s capability Strong investment performance 3-year investment performance1 with 5-year investment performance1 with 79% 88% of AuM outperforming the benchmark of AuM outperforming the benchmark Source: GAM as of 30 June 2024. Past performance is not an indicator of future performance a
Slide 11: Financial strength
Financial strength Half Year 2024 The implementation of GAM’s turnaround strategy is progressing well, and we are targeting to achieving profitability in fiscal year 2026. To support the The rights issue, of up Given the underwriting This is a strategic The existing implementation of to CHF 100 mill
Slide 12: NJJ's investment approach and support for GAM
NJJ’s investment approach and support for GAM NJJ Holding SAS has an extraordinary long-term investment record and has demonstrated its ability to create significant value. €15bn portfolio Asset Telecoms Venture capital Real estate Media and others GAM is NJJ management Holding’s (2014) Various real
Slide 13: Outlook
Outlook GAM continues to focus on implementing its strategy. Our priority is to achieve sustainable overall positive net inflows by rebuilding GAM’s distribution capabilities with a focus on our existing products and new product launches. The timeline for achieving these net inflows will be supporte
Slide 14: Half Year Results 2024
Half Year Results 2024 14
Slide 15: H1 2024 financial summary
H1 2024 financial summary Expense reductions partially offsetting income decline in CHFm, except where indicated 1 H1 2024 H1 2023 Change Net management fees and commissions 41.6 68.0 (39%) of which Investment Management 40.0 59.3 (33%) of which Fund Management Services 1.6 8.7 (82%) Net underlying
Slide 16: Management fee margin
Management fee margin Fee margins reduced given change in asset mix & new arrangements with sub-advisors Investment Management (in bps) Investment management half year 2024 margin at 41.6bps down from 49.7bps at FY 2023 primarily due to change in asset mix of assets under management across products
Slide 17: Expenses
Expenses Underlying expenses lower by 20% compared to H1 2023 in CHFm, except where indicated Change Change H1 2024 H1 2023 in CHF in % Fixed personnel expenses1 35.1 42.6 (7.5) (18%) Driven by headcount reduction. 2 Variable personnel expenses 5.0 6.4 (1.4) (22%) Underlying personnel expenses 40.1
Slide 18: Efficiency programme
Efficiency programme Cost reductions to continue as GAM implements its strategy Total expenses FY 2018 – H1 2024 (in CHFm) Source: GAM 18
Slide 19: IFRS net loss
IFRS net loss IFRS net loss reduced due to lower non-core items in CHFm, except where indicated H1 2024 H1 2023 Underlying loss before taxes (33.2) (22.5) Acquisition-related items1 0.4 0.2 2 Non-core items 5.3 47.9 IFRS loss before taxes (38.9) (70.6) -15.2 Income tax expense 0.2 0.6 IFRS net loss
Slide 20: Capital management
Capital management Cash and capital Cash and capital Cash and adjusted tangible equity1 (in CHFm) • CHF 63.5m utilised of the CHF 100m facility from Rock Investments SAS • Adjusted tangible equity down year-on-year, mainly driven by losses recognised • Further legal entity simplification underway in
Slide 21: Disclaimer
Disclaimer Important legal information The information in this document is given for information purposes only and does not qualify as investment advice. Opinions and assessments contained in this document may change and reflect the point of view of GAM in the current economic environment. No liabil
Slide 22: ” wees Recon ”
” wees Recon ” Rs yyantt Ain cial coe cI OOOSSSTOCIEN TTT Ont nan 01TH ae HIRE GSNeG “aeons GAM Investments