Gross revenues of $31.9 million for the first half of 2011 (first half 2010 $32.9 million, second half 2010 $30.9 million) saw a net profit of $1.0 million (1H 2010 loss of $2.4 million, 2H 2010 loss of $1.1 million) at Lausanne-headquartered hedge fund manager Gottex.

The firm’s flagship market-neutral strategies posted a positive performance for the year to date as total fee-earning assets increased to $8.9 billion at the end of June 2011 from $7.3 billion 12 months earlier.

“We expect the recent on-going economic uncertainty and the European sovereign debt crisis to impact near term client flows to our industry,” chairman and chief executive officer Joachim Gottschalk said in a statement.

“On a short term horizon, Gottex, like the rest of our industry, has to be prepared to face a volatile risk-on, risk-off environment, but we remain positive about the longer term outlook, as the relative stability of hedge fund returns will draw investors back to our asset class.”