The London-based asset management unit of Bank Julius Baer suffered a more than halving in assets last year as wealthy investors pulled money out in what the unit's chief executive called "the perfect storm in market conditions."

Assets at GAM, which focuses largely on hedge funds and funds of hedge funds, fell 51% from CHF 85.8bn ($73.2bn) at the start of last year to CHF 41.7m by the end of it, according to Bank Julius Baer's full year results published this morning.