GAM Holdings expects to report a 14 million Swiss francs ($14.1m) net loss for the first half of 2019, as the Swiss investment firm struggles to move on from a scandal involving one of its star managers that emerged a year ago.

Zurich-headquartered GAM said in a market update on July 10 the loss was linked to a decline in assets under management, which dropped by almost 17% to CHF136bn over the last 12 months.