The Company operates two segments: GAM and Swiss & Global Asset Management. The GAM segment acts as an independent investment manager that delivers discretionary investment management services to institutions, intermediaries, private clients and charities. It specializes in management of long equity, alternative and fixed income investments. The Swiss & Global Asset Management segment is an Asset Manager that provides investment funds, solutions for institutional clients and private labeling services. As of December 31, 2012, the Company had wholly owned subsidiaries in Germany, Switzerland, Luxemburg, Grand Cayman, Bermuda, Hong Kong, Singapore and the United Kingdom, among others.