26/01/2011 Author: Shannon Hawthorne

Gottex Fund Management AuM hit by redemptions

Independent global alternative asset management group Gottex Fund Management experienced a 1.1% decline in assets under management in Q4 2010 as a result of client redemptions, the firm’s 2010 preclose trading statement has revealed.

The company’s assets fell from $6.75bn to $6.68bn between September 2010 and December 2010, the figures show, with asset-based strategies particularly struggling, suffering an 8.5% decline.

However, overall assets for Gottex Group over the three-month period increased by 6.4% to $8.26bn, a result of the strong growth of Gottex Solutions Services (GSS) which grew 56% to 1.56bn.

“We are becoming more positive on the outlook for asset flows to the hedge fund industry in the coming years as investors seek higher risk-adjusted absolute returns, albeit that we do not expect a rapid acceleration in the near term,” said Joachim Gottschalk, chairman and CEO of Gottex, in a statement.

Last year also saw the launch of Gottex subsidiary LUMA Solutions Services, a $460m onshore managed account platform, on 29 December 2010.

“I am delighted that LUMA Solutions Services, the European onshore managed account platform joint venture between OFI Asset Management and Gottex Solutions, was launched on 29 December 2010 after receiving CSSF approval,” said Gottschalk. “This enables GSS to offer onshore and offshore managed account services, including Ucits, thereby providing investors with a complete range of managed account solutions.”