(Bloomberg) — GAM Holding AG, the Swiss asset manager reorganizing under Chief Executive Officer Alex Friedman, said first-half profit fell 34% after fees based on the performance of its investment funds plunged. The shares slumped.

Net income decreased to 53.3 million Swiss francs ($55 million) from 80.9 million francs a year earlier, the Zurich-based firm said in a statement on Wednesday. Clients withdrew 5.6 billion francs from GAM's investment-management business to reduce risk in turbulent markets.

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