Wednesday, 31 August 2016
Last updated 3 hours ago
Oct 21 2008 | 10:11am ET
Swiss hedge fund shop Gottex Fund Management saw more than US$2 billion in assets evaporate amid the market turmoil during the third quarter.
The firm said it managed US$13.5 billion at the end of September, down 13.6% from the US$15.6 billion it held at the end of the second quarter.
“Many of Gottex’s products have performed in line with or better than the broader market indices and relevant benchmarks, but the unprecedented turmoil in the financial industry had a negative impact on performance, and has continued into October,” Gottex said today. “Gottex expects a further short-term downward impact on AUM due to deleveraging trends, investor portfolio adjustments resulting from concentration issues and liquidity requirements as well as foreign exchange impacts.”
Gottex said the global push by governments to shore up the banking industry should provide some “respite,” and that it expects to resume growing when the markets stabilize.