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July 16, 2004 at 08:00 PM
NEW YORK (HedgeWorld.com)–With assets under management reaching US$3 billion, London and Lausanne-based Gottex Fund Management announced it will close the 3X leveraged share classes of its flagship fund of funds as of Aug. 1.
In addition to 3X shares, Gottex Market Neutral Fund has non-leveraged and 2X leveraged share classes in various currencies. Those are to remain open to investment. The fund has been in operation for five years.
“Having reached our targeted capital level for the 3X leveraged share classes, we are closing them in order to maintain a prudent mix of leveraged and non-leveraged investment assets,” said Gottex Chief Executive Joachim Gottschalk, in a statement.
The firm manages a total of six funds of funds. Last November it expanded its U.S. operation. At that time, its assets passed the US$1 billion mark. The accelerated growth since then is remarkable, but large institutional allocations have given a strong impetus to funds of funds in the past 12 months (see ).
