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Profits Up At GAM

GAM published its half yearly results this morning, seeing underlying pre-tax profit increase 21% to CHF91.3mn despite AUM coming in flat for the first half. Group CEO Alexander S. Friedman said: "We have made tangible progress on all our strategic initiatives, as is evident in our underlying results. We are bringing new innovative and differentiated products to the market; our distribution strategy is delivering good results; and we continue to see growth potential in all our capabilities. "However, market conditions have become more challenging, and some clients are choosing to rebalance their portfolios as we enter the later stages of this long-running...