Gottex Fund Management’s flagship fund of hedge funds products continue to perform well and have posted positive returns 2013 year to date.
Asian strategies have seen exceptional performance, up 7.9 per cent, with alternative credit strategies up 4.2 per cent and portable alpha US equity strategies up 16.2 per cent year to date.
Total fee-earning assets for the group decreased by 6.5 per cent to USD5.941bn compared to USD6.36bn 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.
Gottex has completed the acquisition of a majority holding in UK-based Frontier Investment Management, allowing the group to offer liquid onshore multi-asset products.
The company has also completed a joint venture with partners of Australian based consulting firm Zenith offering hedge fund advisory services to local institutional investors.
Gottex expects the 2013 interim results to show a small cash operating loss (subject to audit and final review).
Edex, Gottex’s hedge fund workout service which manages over USD600m, has won a major third party mandate to take over a hedge fund portfolio of USD140m.