Tuesday, 5 May 2015
Last updated 9 hours ago
Nov 13 2008 | 2:34pm ET
Gottex Fund Management Holdings has halted withdrawals from its largest fund of hedge funds after its underlying funds did the same.
The Swiss firm said the redemption suspension would run through April 1, though it could keep the restrictions in place if market conditions don’t improve. Gottex said it made the move after receiving redemption requests totaling 11% of the funds’ assets for the fourth quarter. The fund of funds, which manages some 65% of the firm’s roughly $13 billion in assets, saw its assets shrink by 14% in the third quarter.
The asset freeze was needed “to protect remaining investors and to provide managers time to raise cash and sell positions with the expectation that markets will begin to normalize and liquidity will return,” the firm said. Two Gottex funds that are part of the fund of funds’ portfolio, its flagship market-neutral and directional strategies funds, have also suspended redemptions, leading to liquidity issues for the fund of funds.
Gottex is assuring investors that their patience will be worth it. “We believe this situation has created more attractive opportunities for managers of underlying funds than at any time since our funds launched in 1999,” it said.
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…