Fri, Jul 21, 2017
A A A
Welcome Guest
Free Trial RSS
Get FREE trial access to our award winning publications
Industry Updates

Gottex Fund Management ends 2012 with gross revenues of $47.9m (2011: $58.6m)

Monday, March 25, 2013
Opalesque Industry Update - Gottex Fund Management Holdings Limited (Gottex), an independent global alternative asset management group, has announced its annual results for the year ended 31 December 2012.

Highlights:

  • Continued positive product performance during the first two months of 2013 with the majority of our core market neutral, multi-asset, alternative credit, US equity and Asian products up between 2% and 8%.
  • Gottex’s flagship market neutral plus product, which has outperformed its index by 14.5% cumulatively over the last 4 years since the start of the financial crisis, as well as the alternative credit strategy generated incentive fees during 2012.
  • Completed acquisition of Hong Kong-based Penjing Asset Management in August 2012 and recently announced agreement to acquire a majority in UK-based Frontier Investment Management.
  • Return to operational cash flow profitability in 2H 2012.
  • Financial performance in-line with expectations: gross revenues of USD 47.9 million (2011: USD 58.6 million) and substantially reduced overall operational cost (excluding Penjing acquisition-related charges) of USD 43.7 million (2011: USD 48.2 million) resulted in an operating loss of USD 4.1 million (2011: USD 0.7 million profit); a diluted EPS loss of USD 0.28 (2011: USD 0.09) was generated due to the impact of certain impairment charges.
  • Debt-free financial position and solid financial strength with cash and liquid financial investments of USD 34.6 million.
Commenting, Joachim Gottschalk, Chairman and Chief Executive Officer, stated: “In a challenging year, which included a major market correction during the second quarter, our products showed strong performance. Despite client flows remaining slow in the industry, we see increasing interest from investors who have a large allocation to longer term bonds, in shifting their exposure towards absolute return products. In such an environment investors, in particular those without the necessary infrastructure and resources, are looking for support and advice in implementing alternative solutions. This trend will boost our industry. In terms of our strategic initiatives, good progress has been made in Asia, as well as with our multi asset endowment style investment products and we expect these two business units to continue their growth in 2013.

“I am pleased that Gottex returned to cash operational profitability during the second half, with a strong and debt-free balance sheet maintained. As can be seen from our recent Frontier announcement, we will continue considering non-organic opportunities while maintaining control of our cost base. The long-term strategy of the company is to become a diversified multi asset manager, with a strong core in hedge fund solutions, consulting and multi-asset investing.”

Press Release

bc

What do you think?

   Use "anonymous" as my name    |   Alert me via email on new comments   |   
Today's Exclusives Today's Other Voices More Exclusives
Previous Opalesque Exclusives                                  
More Other Voices
Previous Other Voices                                               
Access Alternative Market Briefing

 



  • Top Forwarded
  • Top Tracked
  • Top Searched
  1. Little-known cryptocurrency hedge fund seeks $200m in SEC filing[more]

    From Coindesk.com: A little-known, newly established hedge fund is seeking to raise $200m to invest in cryptocurrencies, according to regulatory filings. The bid by Cryptocurrency Fund LP to raise the money was revealed in a Form D submission to the US Securities and Exchange Commission (SEC), dated

  2. FinTech - Bitcoin hedge fund director: ICOs are having a 'eureka' moment, Big data and analytics: Not just for quants anymore, Data breach of a single firm impacts systematic risk (and cost of capital) for the firm's entire sector[more]

    Bitcoin hedge fund director: ICOs are having a 'eureka' moment From Coindesk.com: The director of one of the first bitcoin hedge funds offered praise for initial coin offerings (ICOs) today, arguing in an investor note that the novel fundraising method is already showing signs of

  3. Already above average, Singapore high-networth investors add hedge funds and alternative investments[more]

    Komfie Manalo, Opalesque Asia: An above-average proportion of Singaporean HNW wealth is allocated to alternative investments - the majority of which is held in hedge funds, according to the latest research by ReportLinker. In its report entitled, Wealth in Singapore: HNW Investors 2017

  4. Launches - Crypto boom: 15 new hedge funds want in on 84,000% returns, Crypto madness is striking VCs as Union Square analyst leaves to start new fund[more]

    Crypto boom: 15 new hedge funds want in on 84,000% returns From Forbes.com: With 43 projects raising $1.2 billion in initial coin offerings since May 1, according to Nick Tomaino's The Control, and with stratospheric returns for so many ICOs -- 82,000% for Ethereum, 56,000% for IOTA, 44,

  5. FinTech - The machines are coming... Elon Musk's grim warning, Tezos' $232 million ICO may just be the beginning, A gentle introduction to Initial Coin Offerings (ICOs), Billion dollar tokens, ICOS & crazy market swings WTF is going on!?, How AI is changing the way we invest, How the tech revolution is bringing flip-flops and beanbags to Wall Street, A 'machine-learning' approach to venture capital[more]

    The machines are coming... Elon Musk's grim warning From Tenplay.com.au: Tesla chief Elon Musk has called on US Governors to take 'decisive' action to curtail "the greatest risk we face as a civilization": Artificial Intelligence, or AI. Speaking at a meeting of the National Governor Ass