Hedge Funds Review Magazine – Troubled Swiss-based alternative asset management group Gottex Fund Management Holdings said assets under management (AUM) were down over $2 billion to $13.5 billion at September 30, 2008, compared with $15.6 billion at June 30, 2008. The fall represented a 13.6% decrease.

The fall was mainly caused by “negative performance in extremely challenging markets”, according to a company statement on third quarter trading. The poor performance was despite Gottex’s market neutral and directional products performing better than or in-line with the broader market indices and relevant hedge fund benchmarks.

AUM change across Gottex strategies during the quarter 2008 included declines in market neutral and directional strategies (-13.1%), asset based strategies (-15.8%), advisory mandates (-15.2%) and enhanced index strategies (-3.2%).

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