30 Jan 2012
Gottex Fund Management Holdings Limited (Gottex) has reported strong fund outperformance during 2011 with its flagship market neutral strategies 2% to 3% ahead of their benchmarks. Its alternative credit strategy and constellar multi-strategies returned +3.8% and +3.4% respectively for the year.
Total fee earning assets for the group stood at $7.34 billion, a decrease of 10% compared to $8.16 billion at 30 September 2011, which Gottex states is a result of net client outflows and impact from foreign exchange and technical factors.
Gottex reports it is targeting a further 15% of operating cost efficiencies in 2012 on a like for like basis. The company expects the 2011 annual results to show a small operating profit, but, after taking into consideration financial items and investments, an expected small net loss when reported in March (subject to audit and final review).
Total fee earning assets for the group stood at $7.34 billion, a decrease of 10% compared to $8.16 billion at 30 September 2011, which Gottex states is a result of net client outflows and impact from foreign exchange and technical factors.
“The global uncertainty in financial markets that started in the summer of 2011 did not really abate in the fourth quarter with uncertainty about the euro, the global economic recovery, the sovereign debt crisis and China’s economy at the forefront,” said Joachim Gottschalk, chairman and CEO. “Against this backdrop, we are pleased that our flagship market neutral strategies have shown a strong relative performance for the year returning nearly flat results versus the overall hedge fund market which lost around 5%. Impressively, our alternative credit strategy and our constellar multi-strategy product generated positive returns during 2011 of respectively +3.8% and +3.4%, which puts both strategies in the top quartile of fund of hedge funds tables for the year. As mentioned at the third quarter, investor appetite remains low and asset flows remain slow. We do expect that it will take some time for the uncertainties facing global financial markets to work through and for the related volatility to diminish.”
Gottex reports it is targeting a further 15% of operating cost efficiencies in 2012 on a like for like basis. The company expects the 2011 annual results to show a small operating profit, but, after taking into consideration financial items and investments, an expected small net loss when reported in March (subject to audit and final review).
