Industry Updates

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

Monday, June 25, 2012

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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

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