Switzerland’s GAM prepares for ‘worst case’ Brexit scenario

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ZURICH : Swiss asset manager GAM Holding told employees it was preparing for a “worst case” Brexit scenario in which Britain gives up full access to the single market and customs union with the European Union, the Financial Times reported on Monday, citing an internal company email.

“We are basing our contingency planning on the worst case,” the email said.

Zurich-headquartered GAM later told the Financial Times it was “well placed to respond to any potential outcome of Brexit negotiations” with its operations across the EU, including most of its funds which are based in Ireland or Luxembourg, in response to questions about the email.