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Alternative Market Briefing

Gottex Fund Management’s assets drop 9% in first quarter on client outflows

Wednesday, April 24, 2013

From Komfie Manalo, Opalesque Asia – Global alternative asset management group Gottex Fund Management reported that its earning assets decreased by 9.0% to $6.41bn in the first quarter of this year compared to $7.bn at 31 December 2012 due to client outflows.

However, the group said the losses were partly offset by new inflows in Asia amounting to $150m and the acquisition of a majority interest in Frontier Investment Management and positive performance.

Last March, Gottex reported it had reached an agreement on the acquisition of a majority interest in Frontier Investment Management, a multi-asset investment management firm in the UK. The consideration involves a combination of Gottex shares (up to 0.45 million at current share price) and additional cash, payable over a period of two years and adjusted for Frontier’s future revenues. Gottex expects the acquisition to be accretive on an operational profit as well as on a fully diluted earnings per share basis within one year, partly due to expected synergies. Completion of the acquisition is subject to certain conditions, including regulatory approval.

Commenting, Joachim Gottschalk, Chairman and CEO, stated: "The global financial rally has continued to enhance hedge fund returns. Alternative investments including hedge funds will play an increasing role when instit......................

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