Monday, 23 January 2017
Last updated 13 min ago
Sep 13 2011 | 1:31pm ET
Gottex Fund Management is back in the black. The Swiss fund of hedge funds shop said today that it posted a first-half profit after a losing 2010.
Gottex earned US$1 million in the first six months of the year; in the first half of last year, it lost US$2.4 million on its way to a US$7 million pre-tax loss for the full year.
The Zürich-based firm credited strong returns and a big increase in assets under management for the turnaround. Gottex now runs some US$8.9 billion, up 22% from the year-earlier period; that growth came primarily from Gottex's managed account platform.
"Gottex, like the rest of our industry, have to be prepared to face a volatile risk-on, risk-off environment, but we remain positive about the longer-term outlook, as the relative stability of hedge fund returns will draw investors back to our asset class," CEO Joachim Gottschalk said.