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Gottex gross revenues drop 51 per cent in first half

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Gottex Fund Management, a global alternative asset management group, has reported gross revenues of USD46m in the first six months of 2009, a 51 per cent decrease from the USD93m record

Gottex Fund Management, a global alternative asset management group, has reported gross revenues of USD46m in the first six months of 2009, a 51 per cent decrease from the USD93m recorded in the same period in 2008.

Attributable profits were USD8.0m in the first half of 2009, down 74 per cent from USD30.4m in the first half of 2008 and down 36 per cent from the USD12.5m recorded in the second half of 2008.

As a result of Gottex’s products trading below their high watermark, there were no performance fees in the first half of 2009 versus USD2.1m in the first half of 2008. 

Basic EPS was USD0.28, down 73 per cent from the previous year.

Gottex has cash reserves of USD 27.8m and no debt.

Plans for the second half of 2009 include advancing recent product launches, like the multi-asset endowment product and the direct lending product; continuing to develop the growing traction of Gottex Solutions Services and its managed account platform; and developing new products adapted to the new regulatory environment.

Joachim Gottschalk, chairman and chief executive officer, says: ‘As the first six months of 2009 progressed, we have seen a gradual recovery in the hedge fund sector with underlying liquidity returning and strong positive performance year to date. We are pleased that our core market neutral and portable alpha strategies have performed well and delivered strong investment performance, outperforming their relevant indices.

‘The market environment continues to improve as institutions are returning to the sector and we expect this movement to gather momentum going into 2010.

‘Looking ahead, we are confident that Gottex will benefit from the investment opportunities and positive trends in the market as well as from the consolidation in the alternatives industry. We are confident about our future, but we only expect to see asset growth later in the year as institutional investors return to the market and we start to see the benefits from our new initiatives.’

As previously announced, the group’s total fee-earning assets amounted to USD8.2bn as at 30 June 2009, down 15 per cent from USD9.6bn as at 31 December 2008. Gottex Solutions Services attracted USD90m in assets during the first half of the year. GFM subscriptions for the same period amounted to USD10m while GFM redemptions were USD1.1bn and performance had a positive impact of USD10m on AUM over the period.

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