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By Benedicte Gravrand, Opalesque London:
Swiss FoHFs house Gottex Fund Management (GFM) announced, in its H1 (first half) 2009 Interim Results yesterday, that it managed $8.07bn at the end of H1-09, a 16% drop compared to the end-2008 assets of $9.64bn. Newly launched Gottex Solutions Services (GSS), which operates an independent managed account platform, manages $90m.
GFM saw client outflow of $1.04bn in H1; more than half of the firm’s clients are from Europe and about a third from North America - and the overwhelming majority of them are institutional clients.
Total revenue amounted to $46m, of which management fees amounted to $44m, 48% less than in H1-08 and 37% less than in H2-08.
It was reported last week that Gottex had cut management fees for investors from 1% to 0.75% in its Market Neutral Trust. This could, or could not be seen as a trend among FoFs trying to attract investors with lower fees.
Total shares outstanding as at 30 June 2009 was 30,385,029, as on that day, 300,000 new shares were approved for issue. Gottex boasts a strong balance sheet, including no debt and almost $28m in cash reserves.
The firm’s plan for the rest of the year includes continuing the development of GSS, cultivating recent initiatives like multi-asset and direct lending products, and developing new products capi...................... To view our full article Click here
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