Tuesday, 5 May 2015
Last updated 2 hours ago
Oct 21 2010 | 1:19pm ET
Swiss fund of hedge funds shop Gottex Fund Management the kind of good news in the third quarter that it hasn't in more than two years: an increase in assets under management.
The Zürich-based firm said its fee-earning assets grew 7% over the last three months to US$7.8 billion. The growth was attributed to the firm's new separately-managed accounts program, which more than doubled in size between July and September. The unit, Gottex Solutions Services, now manages US$1 billion.
By contrast, Gottex's fund management business saw a further 1% drop in assets to $6.75 billion, attributable to redemptions in the face of strong investment performance.
"We are seeing a pick-up in activity in certain areas such as customized solutions and managed accounts as witnessed by GSS doubling its asset base," CEO Joachim Gottschalk said.
Gottex said it had implemented a new deferred fee structure for some of its fund in an effort to turn around flagging investor interest there, as well.
"We put this new fee structure in place to better align the long-term interests of Gottex with those of our clients," Max Gottschalk, who heads the firm's European business, said. "The response has been very positive from investment consultants and investors."
Mar 20 2015 | 12:45pm ET
StreetWise Partners, a non-profit organization that works with low-income individuals to help them overcome employment barriers, raised over $275,000 at the 2015 Raising the Ante Charity Poker Tournament and Casino Event last Wednesday evening at Capitale. Here are some photos from the event. Read more…