The new chief executive at GAM reported continuing net outflows from its funds during the third quarter in his maiden trading statement, coupled with a dip in performance at its equity funds.

Peter Sanderson, who took over as chief executive on September 1, said the Swiss asset manager was “on track” with its plans for 40m Swiss francs (about $40m) in cost savings this year from staff cuts and the sale of certain businesses, and reiterated plans for further cuts in 2020-21.