The non-cash charge relates to goodwill created by the acquisition of GAM by Julius Baer and UBS

Swiss asset manager GAM said it will report a 400m Swiss francs ($421m) impairment on its balance sheet due to a drop in assets because of the Covid-19 outbreak.

“This update is as a result of expected impairment charges on intangible assets driven by the impact of Covid-19 on the Group’s assets under management,” GAM said in a statement on 19 June.

GAM forced to report 400m Swiss francs loss triggered by Covid-19

Emily Horton

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