GAM, the Swiss asset manager which has struggled to stem investor outflows since sacking of star fund manager Tim Haywood two years ago, has said withdrawals from its funds are slowing but that it expects to report a loss for last year.

The Zurich-headquartered firm said the forecast net loss of CHF380m for 2020 was the result of an impairment charge of almost CHF378m reported in June, relating to goodwill created by the acquisition of GAM by Julius Baer and UBS.