Gottex Fund Management keeps doing its job, but investors don't seem to notice—or care.
The Swiss fund of hedge funds firm's products have done rather well this year, with its U.S. equity strategies up 16.2%, Asian strategies 7.9% and alternative credit strategies 4.2%. But investors continue to pull money from the firm, with net outflows and foreign exchange cutting the firm's assets under management by 6.5% to US$5.94 billion as of March 31.
Gottex said it expects to show a small operating loss in its interim 2013 results.
Still, the news was broadly good for Gottex, which closed its acquisition of Frontier Investment Management and launched a joint-venture with Australia's Zenith. Gottex also said it expects the second of its market-neutral products to reach its high-water mark in the third quarter, and that its hedge-fund workout service, Edex, has won a third-party mandate worth US$140 million.