Opalesque Industry Update - Gottex Fund Management announced its trading statement for the quarter ended 30 June 2013.
The flagship fund of hedge funds products continue to perform well and post positive returns 2013 year to date. Exceptional performance by Asian strategies, up 7.9%, alternative credit strategies up 4.2% and portable alpha US equity strategies up 16.2% year to date.
Total fee-earning assets for the group decreased by 6.5% to USD 5.941 billion compared to USD 6.36 billion at 31 March 2013, as a result of net outflows and foreign exchange impact.
After the more challenging global performance environment towards the end of Q2, Gottex’s second market neutral product is now expected to regain its high water mark in Q3 2013 and will then start accruing performance fees.
Completion of the acquisition of a majority holding in UK-based Frontier Investment Management, allowing the group to offer liquid onshore multi-asset products.
Completion of joint venture with partners of Australian based consulting firm Zenith offering hedge fund advisory services to local institutional investors.
The company expects the 2013 interim results to show a small cash operating loss (subject to audit and final review).
Edex, our hedge fund workout service which manages over USD 600 million, won a major third party mandate to take over a hedge fund portfolio of USD 140 million.