Sunday, 3 May 2015
Last updated 2 days ago
Apr 9 2008 | 7:12am ET
Hedge fund firm Gottex Fund Management said yesterday that profits rose 42% last year, but still managed to disappoint analysts, who expected even better results.
The Guernsey, Channel Islands-based firm turned a US$73.1 million profit, thanks to assets under management more than doubling to US$16 billion. The firm took in US$9.4 billion in inflows last year, as well as US$1.3 billion in investment gains, against just US$1.7 billion in redemptions. Still, the lower-than-expect earnings are likely to send its already-battered stock price even lower.
Gottex has seen its share price fall 40% since going public in November.
“We believe that it will take some time for the markets to normalize following the extreme market volatility we have experienced since last summer,” Gottex said.
To that end, the firm said it is planning a vehicle to profit from the credit crunch for this summer, Reuters reports.
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…