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Gottex halts redemptions at fund of funds
 
  Hedgeweb - THU, NOV 13 2008
Funds & Investment Gottex Fund Management Holdings Ltd., the Swiss hedgefund group, said it had temporarily suspended redemptions from their fund of funds. The fund of funds hold about 65 per cent of total assets under management.

Gottex said the move came after redemption notices equivalent to 11 per cent of assets under management were received in the fourth quarter, following a fall in AUM of 14 per cent in the third quarter.

Gottex explained the move as being vital "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."

Gottex plans to lift the restrictions on April 1, 2009, if general market and liquidity conditions improve sufficiently. Despite the suspension, Gottex was optimistic about the future as it "believes this situation has created more attractive opportunities for managers of underlying funds than at any time since our funds launched in 1999."

 
 
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