The Zurich-based company's net new money inflow in its investment management business reached 2.5 billion Swiss francs ($2.6 billion) in the first three months of the year, and in private labelling they totaled 3.5 billion francs, GAM reported on Thursday.

These flows however were partly devalued by negative market and exchange rate developments, it said. Total managed assets at the end of March climbed to 162.3 billion francs, from 158.7 billion francs at the end of 2017. GAM did not provide any profit figures.

Customers Idling

Led by CEO Alexander Friedman, the asset manager expects customers to keep a low profile through the current year in the face of volatile markets, although GAM expects ongoing solid demand for its products.

In the operations area GAM has made good progress with its ongoing change program, aimed at achieving greater efficiencies and a stable, scaleable platform, it said.

GAM is likely to face renewed opposition from the shareholder activists ISS at the investor meeting on April 26. ISS will again be calling for a rejection of the 2017 pay report, as finews.com reported earlier this week.