Sat, Feb 24, 2018
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. Art & Motion launches collectible car alternative investment vehicle[more]

    Komfie Manalo, Opalesque Asia: Luxembourg-based Art & Motion has launched a new investment vehicle dedicated to vintage cars and exceptional high-quality vehicles as this collectible market has grown exponentially the turn of the centu

  2. Opalesque Exclusive: Global Sigma captures February's long-vol trade[more]

    Bailey McCann, Opalesque New York for New Managers: Florida-based Global Sigma rode February's volatility to new highs. The firm's AGSF strategy is up +2.8 percent through February 16 and +4.2 percent YTD a

  3. Institutional Investors - Hedge funds regain their appeal for a $57 billion asset manager, Private credit strategies in stratosphere[more]

    Hedge funds regain their appeal for a $57 billion asset manager From Bloomberg.com: With volatility back on the radar, one of the Nordic region's biggest asset managers is considering relying a bit more on hedge funds to help oversee his portfolio. Mikko Mursula, the chief investment off

  4. Investing - All aboard for hedge funds as trade tide lifts shipping, Hedge funds pile into Time Warner in bet on merger success[more]

    All aboard for hedge funds as trade tide lifts shipping From Reuters.com: Forced to abandon ship after mistiming their investments five years ago, hedge funds are venturing back in a bid to profit from growing global trade flows. Around 90 percent of traded goods by volume are tran

  5. Investing - Hedge funds turn short on tech just as stock rally takes off, After biggest short, speculators slash bearish US bond bets as supply deluge looms[more]

    Hedge funds turn short on tech just as stock rally takes off From Newsmax.com: A key group of investors has just missed out on the biggest tech-stock rally since 2014. Hedge funds and other large speculators turned net short on Nasdaq 100 Index futures for the first time in 21 months, ac