Tue, Mar 3, 2015
A A A
Welcome Guest
Free Trial RSS
Get FREE trial access to our award winning publications
Industry Updates

Swiss FoHF house Gottex approves shares buy back plan; two to join Board

Monday, June 25, 2012
Opalesque Industry Update - Gottex Fund Management Holdings Limited (Gottex), a leading independent global alternative asset management group, announced a proposed share buyback by the company and the nominations of Dr. Kevin Maloney and Dr. William Landes to the Board. In addition, Richard Leibovitch has announced his intention to retire after a transitional period and to take on a consulting role at Gottex.

The Board has approved management’s proposal for the company to buy back ordinary shares in the open market initially to cover the number of shares contemplated under the acquisition of Penjing Asset Management. Please note that the share buyback will be subject to acceptance via a shareholder resolution vote.

In addition, the Board has approved the nominations of Dr. Kevin Maloney and Dr. William Landes to be appointed as Co-CIOs and executive directors to the Board of the company at the next shareholder meeting. Dr. Kevin Maloney, currently Deputy CIO (FOHF), and Dr. William Landes, currently Deputy CIO (MAE), both have extensive experience in the asset management industry for over 25 years, which confirms the breadth and depth of the Gottex investment team. Being confident of handing over the company’s investment activities to Dr. Kevin Maloney and Dr. William Landes, the current CIO Richard Leibovitch steps down from the Board and will be leaving the firm over the next few months to focus on personal investment activities, while maintaining a consulting role with Gottex to support the handover and provide active advice where necessary.

As in 2011, our flagship products continue to outperform their fund of hedge funds benchmark this year, which is a testament to the strength and quality of our team of investment professionals. The company is on track in its effort to implement its cost cutting measures but expects the 2012 interim results to show a small operating loss.

Joachim Gottschalk, Chairman and CEO of Gottex, commented:

“Management proposed the share buyback as it believes that at current price levels the company and its shareholders will benefit from buying back its own shares to help offset the dilution effect of the newly issued shares, which form part of the consideration contemplated by the Penjing acquisition. The Board has unanimously approved this proposal and we encourage our shareholders to do the same.”

“We are very pleased with the appointment of Kevin Maloney and Bill Landes as Co-CIOs which will ensure our continued focus on investment performance. They are both outstanding investment professionals and we are convinced that as a company we will reap many benefits from their capabilities. Our clients can expect the same high investment standards going forward as they have relied upon in the past. In addition, I personally and all my colleagues at Gottex would like to thank Richard for his extensive contribution over the years and wish him the very best.”

(press release)

See recent related coverage:
16.05.2012 Swiss fund of hedge funds manager Gottex to acquire Hong Kong-based alternative asset manager Penjing Source

05.04.2012 Opalesque Exclusive: Gottex to restructure its business, promotes Kevin Maloney, Bill Landes Source

Bg

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. Investing - Seth Klarman of Baupost outlines his investment process as major stock market indices are stretched, Myriad hedge fund sold bulk of its Alibaba stake last year[more]

    Seth Klarman of Baupost outlines his investment process as major stock market indices are stretched From Valuewalk.com: As hedge fund manager Seth Klarman, leader of the $28 billion Baupost Group, reviews 2014 performance and considers investors gained near 7 percent on the year, he cons

  2. Investing - As rig count falls, hedge funds pile into long crude futures, Parus tactically shifts long/short exposure ratios, Mario Draghi outflanking Kuroda as bearish euro bets surge, Prime Capital’s 500.com bet derailed after 41% drop[more]

    As rig count falls, hedge funds pile into long crude futures From 247wallst.com: In the week ended February 27, the total number of rigs drilling for oil in the United States came in at 986, compared with 1,019 in the prior week and 1,430 a year ago. Including 281 other rigs mostly drill

  3. Opalesque Exclusive: dbSelect’s top ten FX strategies average almost 10% in January[more]

    Benedicte Gravrand, Opalesque Geneva: In one of Deutsche Asset & Wealth Management (AWM)’s hedge fund platforms, called dbSelect, a number of FX Strategies did very well in January. dbSelect is a managed investment platform for unf

  4. Opalesque Exclusive: SEC’s Mark J. Flannery warns hedge funds against valuation misconduct[more]

    Komfie Manalo, Opalesque Asia: Securities and Exchange Commission chief economist and director of Division of Economic and Risk Analysis (DERA) Mark J. Flannery has warned of the risks posed by market misconduct, particularly in the true valuation of assets by hedge fund managers. In his

  5. Dymon Asia's $3bn macro hedge fund lost 10.45% in January[more]

    From Reuters.com: Dymon Asia's $3.1 billion macro hedge fund lost 10.45 percent in January, performance data seen by Reuters showed, a month where many peers lost heavily after a surprise rise in the Swiss franc. Singapore-based Dymon, set up by Danny Yong, a former founding partner and chie