GAM plans to buy back shares

Swiss fund manager GAM Holding said yesterday it would buy back up to 20 per cent of its shares and reported strong new money inflows as clients invested in emerging markets and in US and Asian equities.Net new money rose to SwFr8bn (£5.3bn) from less than SwFr500m the previous year, the highest since the start of the financial crisis. Inflows combined with positive market performance to outweigh the negative effects of a strong Swiss franc and push assets up 4.2 per cent.