(Bloomberg) -- GAM Holding AG said first-half profit will probably fall by half after performance fees at the Swiss asset manager dried up.

Underlying profit before and after tax is expected to decline by about 50 percent from a year earlier, the Zurich-based company said in a statement Tuesday. Performance commissions will probably tumble to 1 million Swiss francs ($1.04 million) from 44.1 million francs a year earlier.

GAM in April reported net outflows of 3.1 billion francs and said it expects “turbulent market conditions” to continue “in the near term.” The company’s shares have dropped about 30 percent this year.

Net management fees and commissions are also expected to fall, mainly because of lower assets under management and a reduced fee margin, the company said Tuesday. Profit after tax was 80.9 million francs in the first half of 2015.

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