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Gottex 2009 preclose trading statement: AUM down 2.1% in Q4, managed account assets up 25%

Wednesday, January 27, 2010
Opalesque Industry Updates - Gottex Fund Management Holdings Limited (Gottex), a leading independent global alternative asset management group, announces its preclose trading statement for the year ended 31 December 2009.

Highlights:

  • Further positive performance in fourth quarter of 2009 with core market neutral and portable alpha strategies outperforming their relevant indices and during 2009 contributing USD 635 million to assets under management.
  • Gottex Solutions Services (GSS) grows assets on its managed account platform by 25% since previous quarter.
  • Subsequent to the year-end, integration of Constellar funds, broadening Gottex’s offering with more directional products for US onshore and offshore investors.
  • Total subscriptions of USD 310 million during the quarter (excluding Constellar).
  • Total fee-earning assets for the group were USD 8.1 billion (excluding Constellar’s USD 150 million), compared to USD 8.2 billion at 30 September 2009.
  • Strong balance sheet with no debt and substantial cash reserves.

Commenting, Joachim Gottschalk, Chairman and CEO, stated:
“In the fourth quarter we continued the strong performance trend that started earlier in 2009, and I am very pleased to say that our core market neutral and portable alpha products have markedly outperformed their relevant indices. Investors who remained invested in hedge funds through the financial crisis have by and large recovered the vast majority of their 2008 losses, much earlier than many of those who were invested in other asset classes.

“As a result of the positive performance, we have seen increased interest by institutional investors into hedge funds in recent months and we expect to see solid inflows for the industry as the year progresses. Some of the less liquid strategies such as relative value and convertible arbitrage did extremely well in 2009 and the environment remains good for 2010. We believe these will attract additional allocations from institutional investors this year.

“Finally, I am delighted that Ted Wong, CEO and founder of Constellar, has decided to join Gottex. We believe it reflects well on Gottex that people of Ted’s calibre want to join our firm and integrate their existing business with us. We expect that in these times of consolidation there will be a number of smaller quality firms looking for an institutional asset management platform with strong investment processes to grow their business as institutional investors continue to raise the bar in terms of investment resources, risk management, infrastructure and transparency.” Corporate website: www.gottexfunds.com

- FG

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