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Benedicte Gravrand, Opalesque London:
Global alternative investment management group Gottex Fund Management's preliminary results for 2008 showed that its gross revenues were down 13% from a year ago, from $194m in 2207 to $168m in 2008.
Attributable profits were also down 41%, from $73m to almost $43m. Earnings per share were down 45% at $1.46 and the proposed divided per share went from 0.45 in 2007 to 0.60.
Gottex Fund's shares were among the best performers on the Swiss stock market last month, with an upward trend of 61% - but those shares were some of the biggest losers in 2008 with a fall of around 95%.
The group has however retained a strong balance sheet, including cash reserves of more than $45m, a net working capital of more than $38m, and no debt.
Gottex's plans for 2009, including the restructuring of market neutral and directional products, a CHF7m (US$6.18m) share repurchase program, and the reduction of its operational cost base are still work in progress. The group announced the temporary suspension of redemptions of some of its market neutral and directional funds on 13-Nov-08.
The plan for restructuring and reopening of its flagship FoHFs, the $1.9bn Gottex Market Neutral Plus fund, was successfully completed with 83% of investors remaining invested. Earlier this month Gottex part-paid withdrawals it had suspended and cut fees for those ...................... To view our full article Click here
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