Gottex Fund Management’s flagship market-neutral and directional strategies lost more than US$1 billion. But the firm’s new managed accounts program helped fill part of that gap, raising US$500 million in just 10 months.
The Swiss fund of hedge funds shop saw its operating profit drop by more than 80% to just US$10.1 million, as revenues fell by half to US$83 million. The firm was burned by a 16% drop in fee-earning assets, which fell from US$9.6 billion to US$8.1 billion.
The firm said it suffered US$1.7 billion in net redemptions, offset by US$200 million in performance gains.
“We expect institutional clients to increase allocations as the year progresses [but[ there is not a uniform trend of inflows yet.”