Swiss asset manager GAM has said a client has pulled a CHF21.5bn mandate from a segment of its business, dealing a blow to the Zurich-headquartered fund house which this month announced it expects to report a loss for 2020.

The asset manager announced on 26 January that the unnamed client, which has been with the asset manager for more than 15 years, would transition the mandate from its private labelling business to another provider in the second half of this year.