Marani Brands, Inc.
Recent Filings
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Over 35 million shares
They are a huge company
GAM Holding AG reports underlying net profit of CHF 202.2 million for 2010, up 35% year-on-year
01 Mar 2011
Zurich, 1 March 2011
Assets under management of CHF 117.8 billion, a year-on-year increase of 4%.
Strong net new money inflows of CHF 8.0 billion, on the back of continuing product diversification and broadening of distribution channels.
Underlying net profit of CHF 202.2 million, up 35% year-on-year[1].
Strong capitalisation, with tangible equity of CHF 1.07 billion. Investment in organic growth and search for targeted, accretive acquisitions ongoing.
Proposed dividend of CHF 0.50 per share: intended to be paid from contributed capital reserves, making it tax-efficient for shareholders.
Cancellation of 5% of outstanding shares repurchased under 2010 buy-back programme, to be approved at 2011 Annual General Meeting.
New three-year share buy-back programme proposed for 2011 to replace current one: repurchase and cancellation of up to 20% of current shares in issue, subject to regulatory and shareholder approval.
Assets under management for the Group grew by CHF 4.2 billion (4%) to CHF 117.8 billion[2] as at 31 December 2010. This growth was driven principally by strong net new money inflows of CHF 8.0 billion[2], supported by positive market performance. However, since the Group's assets under management are reported in Swiss francs, the weakening of the US dollar and the euro reduced these gains by CHF 9.1 billion.
Commenting on the Group's development in 2010, Chairman and CEO Johannes A. de Gier said: "Our first full year of independence was marked by solid results. This underscores the growth potential offered by our business model, and I am very pleased with the accomplishments of our operating businesses."
Net new money - GAM
GAM recorded net inflows of CHF 5.9 billion, a strong turn-around from the net outflows of CHF 4.2 billion experienced in 2009. Substantial net inflows were recorded into its fixed income range, including the funds GAM sub-advises for Swiss & Global Asset Management. While inflows into these fixed income absolute return products were somewhat slower in the second half of the year, inflows into its emerging markets strategies and its Asian and US equity products picked up considerably as the year progressed.
Strong contributors to net new money inflows included GAM's single manager absolute return UCITS III products. This highlights GAM's ability to capitalise on the ongoing shift in private client demand away from the historically dominant offshore structures towards investments that are regulated, liquid and offer a more favourable tax treatment. GAM has been dedicating its skills and experience in selecting investment talent to the permanent expansion of its range of onshore funds, drawing on both in-house and external managers. This will enable it to continue to benefit from the trend towards onshore investing in 2011 and thereafter.
In contrast to private clients, institutional investors continue to demonstrate strong interest in funds of hedge funds and are set to become the largest client group in GAM's multi-manager business. Benefiting from its proven risk and liquidity management, GAM achieved considerable mandate wins in the institutional segment in 2010 - especially for alternative strategies with a low correlation to equity markets - and has established a solid pipeline of business for 2011.
GAM's assets under management reached CHF 53.6 billion as at 31 December 2010, an increase of CHF 2.6 billion or 5% on year-end 2009.
Net new money - Swiss & Global Asset Management
Net new money inflows at Swiss & Global Asset Management rose 23% year-on-year and totalled CHF 9.7 billion. The greatest contributors to net new money, particularly in the first half of the year, were the fixed income funds sub-advised by GAM and distributed by Swiss & Global Asset Management. The physical precious metal fund range also continued to attract client assets, while inflows into equity funds remained muted throughout 2010.
Inflows from institutional clients, in particular in Germany, Chile and Peru, offset the closure of smaller mandates in Switzerland, resulting from efforts to reposition the business to focus on growth regions and on clients with a real interest in active investment management.
