Wed, Jul 27, 2016
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. Opalesque Exclusive: California-based manager launches long/short equity hedge fund with unique algorithm[more]

    Benedicte Gravrand, Opalesque London for New Managers: SJL Capital LLC, an investment advisory firm based in California, has launched its maiden fund, the SJL MarketDNA Hedge Fund LP. The fund, which began trading

  2. Manny Roman to move from Man to Pimco[more]

    Benedicte Gravrand, Opalesque London: Emmanuel (Manny) Roman, an investment world veteran, has been hired by PIMCO, the large US bond fund house, as chief executive officer. PIMCO's current CEO Douglas Hodge will assume a new role as managing director and senior advisor when Roman joins P

  3. Opalesque Exclusive: ArbitrOption outperforms benchmarks, up 7.18% in H1[more]

    Komfie Manalo, Opalesque Asia: Independent registered advisor ArbitrOption breezed through the tumultuous Brexit referendum and outperformed its benchmarks. ArbitrOption was up 7.18% in the first half of 2016 compared to the S&P 500 which gain

  4. Europe - European hedge funds shrink and shutter as turmoil hurts returns, Investors go bargain-hunting for U.K. property after Brexit vote, Brexit: Guidance for fund directors - what to know and what to ask[more]

    European hedge funds shrink and shutter as turmoil hurts returns From Bloomberg.com: Europe’s hedge-fund industry contracted for a sixth straight quarter as the U.K.’s decision to leave the European Union and concerns that China’s growth is slowing caused losses and forced some money man

  5. Platinum Partners starts liquidation of hedge funds following municipal union kickback scandal[more]

    Komfie Manalo, Opalesque Asia: Platinum Partners, the hedge fund in the middle of a New York City municipal union kickback investigation, is reported to be liquidating two of its funds, the New