Comment: Chris Sullivan
The hedge fund industry has always had a bit of a schizophrenic relationship with the media, particularly here in the US
30/01/2012
Gottex sees assets fall by $1bn during Q4 2011
Gottex, the Swiss fund of hedge funds (FoHF) manager, saw assets fall by $1bn during the last quarter of 2011 despite the strong performance of some core funds, it said in a statement on Monday.
Assets now stand at $7.34m, a fall of more than 50% since the financial crisis hit in 2008, when they stood at $15.6m.
The outflows come despite positive returns for Gottex’s alternative credit and Constellar multi-strategy funds of 3.8% and 3.4% respectively during 2011.
The FoHF manager is now targeting cost savings of 15% over the next year.
Joachim Gottschalk, chairman and CEO, said: “We do expect that it will take some time for the uncertainties facing global financial markets to work through and for the related volatility to diminish.”
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