WSJ – GAM Holding AG said Tuesday that 2009’s pro forma profit fell on the year, in part because investors are still shying away from hedge fund investments, and repeated its intention to spend excess cash on potential acquisitions.
GAM said pro forma net profit for the year ended Dec. 31 was 149.6 million Swiss francs ($138.5 million), from CHF376.6 million in 2008. The earnings beat the company’s own poll of 10 analysts, which averaged CHF145.2 million.
