Swiss funds of hedge funds manager Gottex suffered a fall of over $2bn (€1.5bn) in assets under management in the third quarter thanks mainly to negative performance, and has warned that difficult market conditions have continued into October.

The group's assets under management were $13.5bn at the end of September, compared with $15.6bn at the end of June, a fall of 13%. The figures were published today in a trading statement from the company, which said that the fall was primarily due to "negative performance in extremely challenging markets".