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GAM announces MiFID II research costs stance and reports asset growth

GAM announces MiFID II research costs stance and reports asset growth

GAM will absorb all research costs once MiFID II is implemented in January 2018, the asset manager has announced.

The firm said the decision is a continuation of its commitment to clients and will cost the firm mid-single-digit millions of Swiss francs per annum.

The statement comes a day after Vontobel announced it will also absorb research costs, with a slightly lower expected cost to the firm.

Watching the flows 

In its statement GAM also reported a 23% increase in assets in the first nine months of 2017.

The assets under management of the firm currently stand at CHF 78.7 billion, which is a 13% increase from CHF 72.2 billion in June.

One of the biggest inflows came in the fixed income space, where the firm saw an increase of CHF 4.1 billion.

This was supported by money flowing into strategies such as the GAM Star Credit Opportunities, the GAM Local Emerging Bond fund and the GAM Star MBS Total Return fund.

In the equity space, net inflows amounted to CHF 100 million, particularly favouring the GAM Star Continental European Equity fund. That was partly offset by redemptions from the GAM UK Diversified, GAM Japan Equity and GAM Star China Equity funds.

Systematic strategies also saw inflows of CHF 100 million, mainly thanks to the GAM Systematic Alternative Risk Premia fund. 

Meanwhile, absolute return strategies and multi-asset strategies experienced net outflows of CHF 600 million and CHF 100 million respectively.

In the absolute return space, the firm saw outflows from the unconstrained/absolute return bond strategy, while the multi-asset space saw redemptions in the private client advisory business.

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