Monday, 24 November 2014
Last updated 1 min ago
Sep 10 2010 | 11:44am ET
Swiss fund of hedge funds shop Gottex Fund Management swung to a loss in the first half as assets under management dropped 13%.
Gottex said its operating loss for the first six months of the year was US$1.1 million. The firm posted a profit of US$9.2 million in the first half of last year.
Gottex blamed the loss of both the decline in assets under management and a delay in receiving some incentive fees. Assets dropped to US$6.8 billion from US$7.8 billion thanks to a combination of redemptions, performance losses and run-offs in several strategies, the firm said. Net outflows totaled US$380 million.
Management fees were US$30.3 million during the period. The firm did take in some performance fees in the first half—up from none in the first half of 2009—but not much, just US$200,000.
Despite having and making less money as a firm, as individuals, Gottex employees have and made more. The firm’s total pay from January to June was $21.5 million to 111 staffers, from $20.8 million for 118 in the same period last year.
“Crucial to our success will be retaining and incentivizing the most talented people working for our company,” CEO Joachim Gottschalk explained.
Nov 4 2014 | 9:45am ET
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