Swiss asset manager GAM is planning new hires and further acquisitions in a push to expand its non-fund of funds business, as client interest shifts away from multi-manager strategies.

GAM this morning reported its results for the first half of 2012, which showed net outflows of Sfr1bn from equity and multi-manager products, as well as a continued loss of private client mandates that the firm previously enjoyed as part of UBS and Julius Baer.