Shares in GAM, the Swiss asset manager, lost a quarter of their value this morning as it predicted a loss of almost a billion Swiss francs ($1bn) for 2018, and announced details of a restructuring programme aimed at turning around its fortunes.

The asset manager told investors it is predicting a net loss of CHF925m for 2018, compared with a net profit of CHF123.2m at the end of 2017. GAM added it expects its 2019 financial results to be “materially below those of 2018”.