UK-listed Gottex Fund Management returned to profitability in 2011 with an operating profit of $700,000 in 2011 after a $5 million loss in 2010.

The alternative asset manager also said that it managed to cut operational costs by $10.1 million to $48.2 million during 2011. Gross revenues, however, declined to $58.6 million last year, down from $63.8 million the year before.

The fund manager’s total assets under management dropped from $8.26 billion to $7.34 billion during the course of last year.