Swiss money manager GAM has announced that its group assets under management (AuM) amounted to CHF135.7bn as of 30 September 2019.

The figure marks a slight decrease from CHF136.1bn at the end of June 2019.

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AuM at the group’s investment management unit totalled CHF51.1bn at the end of September 2019, a 2% drop compared to the June 2019 figure. This was said to be the result of clients pulling out CHF1.4bn.

However, AuM in GAM’s private labelling unit increased 1% to CHF84.6bn from June 2019.

In specialist fixed income, GAM recorded net outflows of CHF 1.1bn. Net outflows in multi asset and equity were CHF0.3bn and CHF0.2bn, respectively.

Net inflows in systematic amounted to CHF0.3bn, while alternatives reported net inflows of CHF0.1bn.

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GAM group CEO Peter Sanderson said: “GAM’s business proposition remains strong and the continued outperformance of the majority of our funds positions us well with clients looking to meet their financial objectives by investing in our differentiated active strategies.

“I see great potential across the business and I am currently focused on setting out a clear path to greater efficiencies and profitable growth.”

GAM has been facing troubled times after an internal probe found breaches in star fund manager Tim Haywood’s risk management and record keeping processes. Haywood was later sacked while the absolute return bond fund range managed by him was liquidated.