GAM Holding’s first-half profit falls by half on lower fees

Bloomberg

GAM Holding AG said first-half profit will probably fall by half after performance fees at the Swiss asset manager dried up.
Underlying profit before and after tax is expected to decline by about 50 percent from a year earlier, the Zurich-based company said in a statement on Tuesday.
Performance commissions will probably tumble to 1 million Swiss francs ($1.04 million) from 44.1 million francs a year earlier.