October 23, 2018 / 6:22 AM / 10 months ago

Asset outflow at GAM has continued in October but slowed

ZURICH, Oct 23 (Reuters) - Asset outflows at Swiss money manager GAM Holding AG continued this month but at a reduced rate, its finance chief told Reuters after the group saw outflows of around 8 billion Swiss francs ($8.03 billion) in the third quarter.

“We still saw net outflows in the first three weeks of October but just to be clear we saw a significant change in the trend compared to what we reported for Q3,” Richard McNamara told Reuters in a telephone interview on Tuesday.

Asked about reports that GAM was speaking to potential buyers, Chief Executive Alexander Friedman said the company’s board and management remained open to all avenues that maximise value, but declined to elaborate.

He said the group’s long-term financial targets remained valid. He and McNamara declined to forecast the company’s 2018 results or discuss its potential dividend. ($1 = 0.9965 Swiss francs) (Reporting by Oliver Hirt and Michael Shields)

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