Joachim Gottschalk, chairman and chief executive, Gottex

Core products continue to outperform benchmarks, says Gottex

Alternative asset management group Gottex Fund Management’s core products have continued to generate positive return for the year to date, according to the firm’s trading statement for the Q3 2012.

Alternative asset management group Gottex Fund Management’s core products have continued to generate positive return for the year to date, according to the firm’s trading statement for the Q3 2012.

In particular, the flagship fund of hedge fund products have outperformed their benchmark year to date.

Gottex says it has continued to see exceptional performance by alternative credit strategies, which are up 9.1 per cent year to date, and equity portable alpha strategies up 19.1 per cent to date.

The firm’s deal to acquire Penjing Asset Management completed on 9 August 2012 adding USD390m added to company’s assets in Q3 2012.

Total fee-earning assets for the quarter increased by 2.0 per cent to USD7.56bn compared to USD7.41bn at 30 June 2012, primarily as a result of USD625m subscriptions, including Penjing.

Gottex’s flagship market neutral plus strategy, after reaching its high water mark in August 2012, has accrued performance fees during September.

The firm’s share buyback programme is reported to be on track with 288,500 shares acquired by 5 October.

Joachim Gottschalk (pictured), chairman and chief executive, says: “Favourable markets during the third quarter, due to central bank interventions, enhanced hedge fund returns for the year, but political uncertainty in Europe continues to impact asset flows. Product performance over the long term remains a key factor to our success and I would like to highlight the outstanding results of our alternative credit strategy, up nine per cent for the year, our US equity portable alpha products are up 19 per cent and our global bond strategy is up seven per cent year to date.
 
“While we are past the Q2 soft patch, global growth will continue below trend with sluggish US growth. We expect the recession in Europe to continue with little reason for optimism and that the economic conditions in China near-term will be softer than forecast. This ongoing uncertainty combined with the prevailing risk on/risk off environment continues to impact asset flows in our industry. We expect investors to become increasingly worried over their longer term duration bond holdings and will look to alternatives for better risk adjusted returns.”

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