From the Opalesque team: Gottex Fund Management Holdings Limited, together with its subsidiaries a leading independent global alternative asset management group, announced its interim results for the six months ended 30 June 2008. Assets under management stood at $15.6bln, down 2% from USD 16.0 billion as at 31 December 2007, but up 33% when compared to USD 11.7 billion on 30 June 2007. Gross revenues stood at $93.1m and profits after tax at $33.7m, outperforming broader markets and the majority of hedge fund indices.
Commenting, Joachim Gottschalk, Chairman and CEO, stated: “Market uncertainty continues to impact asset gathering across the industry, and we
have experienced a slowdown in investment decision making amongst institutional
investors, as they have adopted a “wait and see” attitude given the current financial
turmoil. This has caused slower growth in subscriptions and may impact asset growth
in the current environment. At the same time, redemptions in Gottex funds have been
relatively limited, and at present are slowing from levels earlier this year.
“We remain very confident of the medium and long term growth outlook both in
alternative asset management generally and in Gottex’s position in particular. In the
short term, we believe that current markets should be treated with caution and one
should tread carefully until there are clear signs of stabilisation of the financial system,
which would support a ......................
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