Alternative asset management group Gottex Fund Management has reported combined client assets of USD8.5 billion as at 30 June 2014.
Fee earning assets of alternative solutions and multi-asset endowment products remained stable during the second quarter of 2014.
Gottex’s low correlated bond substitution product line remains ahead of its benchmarks, generating positive returns ranging from 2.9 per cent to 4.7 per cent YTD, net of all fees.
Similarly, the group’s liquid and regulated UK and Scandinavian multi-asset products continue to perform well, adding respectively 4.8 per cent and 5.0 per cent after fees during the first six months.
Gottex’s flagship Asia Fund is positive for the year and added 11.5 per cent on a rolling 12 month basis.
The company expects the 2014 interim results to show an operating loss (subject to audit and final review). Synergies from the proposed merger transaction will impact during the second half of the year.
Development of onshore Chinese investment products is progressing, with Gottex’s UCITS RQFII product launch expected in first quarter of 2015.
The Gottex EIM transaction is on track to receive approval by FINMA, the Swiss regulatory authority, during this summer, which remains the only outstanding material condition for completion of the transaction. Synergies are expected to exceed USD12 million, ahead of original target.
Joachim Gottschalk, chairman and CEO, says: “Performance of our alternative and multi-asset product lines held up very well during the second quarter. In this light, I am extremely pleased that our low correlated bond substitution products have continued to perform firmly in positive territory for the year to date. Equally impressive have been our Asian investment strategies which, after a challenging start to the year, are now all in positive territory year to date, with our flagship Asia strategy adding 11.5 per cent on a 12 month rolling basis. We are making good progress with FINMA, the Swiss financial regulator, and expect their approval of the EIM merger during the summer. This will allow the combined entity to achieve increased scope, economy of scale and to exploit extended growth opportunities.”
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