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transcript
Europe 50Europe’s largest single
managers ranked by AUM
I N A S S O C I AT I O N W I T H
elcome back to the fifth annual snapshot of the top 50 European hedge fund managers ranked by single manager assets under
management at the mid-way point of 2010. It is our belief that sourcing and publishing data about hedge funds serves an important function for investors and the asset management industry generally. The willingness of hedge fund managers to disclose such basic data has grown as investors have demanded more transparency. Indeed, The Hedge Fund Journal got unprecedented cooperation from firms across Europe in compiling the 2010 survey.
The year began positively for hedge funds with a continued broad recovery in risk asset prices from the downturn that began in mid-2008 and ran through early 2009. This provided a breather for many hedge fund firms to rebuild assets, restructure operating costs and refine approaches to portfolio and risk management. The abrupt reversal in risk asset prices since May has cost most hedge funds performance gains, assets and operating profits. Yet the total assets under management for Europe50 firms still rose 11% to $300 billion from $271 billion in our 2009 survey, although this figure is well short of the $366 billion recorded in early 2008.
The survey’s aggregate figures evidence a gradual recovery. Yet they also hide an essential truth: the very biggest firms are drawing in new assets while smaller firms are struggling to retain assets. Thus Brevan Howard, which claimed the top spot for the first time in 2009 consolidated its number one status with an impressive 23% rise in AUM to $31.54 billion. Man Investments, despite a 4% slip in AUM, retained its 2nd place rating with assets of $24.3 billion while it continued to await regulatory approval for its proposed acquisition of GLG Partners, down to 7th from 4th with AUM of $12.1 billion. Among the largest hedge fund shops, the kudos for the biggest growth in assets goes to BlueCrest Capital Management where AUM leapt 58% to $20.5 billion. One simple calculation illustrates clearly how the biggest firms are pulling away from their smaller peers. The top five firms had mid-2010 aggregate AUM of $112 billion, a rise of almost 18% from the same aggregate figure in early 2009. However, the capital held by the 10 smallest firms in the survey, beginning with newcomer Tyrus Capital in 41st, declined to $14 billion from $15 billion in early 2009. Much anecdotal evidence suggests that the flight to size is having an even more pronounced impact on the hundreds of smaller firms that fall below the threshold for inclusion in the Europe50. What’s more, the tough environment for capital raising and the cost of regulatory changes is likely to crimp the emergence of new funds for some years to come.
The liquidity, perceived brand value and high levels of infrastructure associated with the biggest hedge fund
managers continue to attract investors. This has seen a flight of capital from the smallest firms, something that is shown by the decline in assets among the lower ranks in the Europe50. In 2008, for example, Adelphi Capital needed almost $2.3 billion to be in the 50th slot. A year later the amount Centaurus Capital needed for the final position fell to $1.5 billion. This year the final ranking belongs to RAB Capital with AUM of $1.08 billion. As firms have lost assets the years of expansion have given way to a prolonged period of downsizing. This trend has reached even the biggest firms as both Brevan Howard and Man Investments restructured costs last year. Though the hedge fund industry looks to have stabilised in 2010, most firms are refraining from expanding into new areas or adding staff.
Yet even in a tough environment for start-up hedge funds a number of new entrants to the Europe50 show that innovation is alive. After being Europe’s biggest launch in 2009, Tony Chedraoui’s event driven vehicle Tyrus Capital may be just getting warmed up with assets of $1.64 billion. It is a sign of the times that emerging market specialist Finisterre Capital joins the Europe50, entering at 48th with an expansion in AUM to $1.2 billion. Two other firms, GLC and Altis Partners, join the Europe50 although neither firm is a recent launch. Indeed, GLC, a systematic trader, dates from 1992, but it has nearly doubled AUM to $1.59 billion since the beginning of 2009. Now based in Jersey, Altis Partners is in its ninth year of systematic managed futures trading and after a stellar 2008 has grown AUM to $1.4 billion. Several firms were close to the threshold but declined to verify data, notably special situations and distressed debt fund operator Fortelus Capital Management founded in 2007 by Tim Babich.
Mention has been made of Brevan Howard and BlueCrest Capital making substantial gains in AUM. However, the two biggest gainers in the survey are both newcomers. Pharo Management debuts in 27th position after it virtually trebled AUM to $3.2 billion on the back of the phenomenal performance of the Pharo Macro fund which applies macro strategies in
emerging markets. An even more spectacular debut is that of COMAC Capital run by the former Soros global macro manager Colm O’Shea. Founded just over four years ago, COMAC enters the Europe50 at 16th with AUM of $5.5 billion.
The progress of several firms up the ranking table also deserves comment. Swedish firm Brummer & Partners vaulted into the top 10 in 9th position as its diverse funds offering (spanning managed futures, fixed income, macro and equities) nearly doubled AUM to $8.64 billion. Paris-based Dexia Asset Management advanced to 13th position by more than doubling AUM to $6.68 billion helped by growth in several product lines, including UCITS funds. Geneva-based Jabre Capital Partners entered the top 20 with assets rising to $5.2 billion as it, too, succeeded in attracting investors to both its offshore and growing stable of UCITS funds. Finally long/short equities firm TT International in London moved up 10 positions to 35th as it boosted AUM by 39% to $2.1 billion.
MethodologyAs with previous Europe50 lists, we have focused on those firms which can be recognised as distinctly European businesses, usually those where the executive functions and head office are located in Europe. In some cases, the European subsidiaries of larger, global asset management operations can still qualify on the strength of the money being managed out of their European offices. The key criterion in these latter instances is where the assets are being managed from, not where they are located.
Where the executive function is located in Europe, we have, for the sake of convenience, included all the assets managed by that group, regardless of where the portfolio manager is sitting. Where the executive function is outside Europe, it has just counted the assets managed by European-based portfolio management teams. In cases where groups manage both hedge fund and non-hedge assets, we have stripped out the non-hedge component of the asset base. In two cases – The Children’s Investment Fund Management and Trafalgar Asset Managers – we have provided an estimate of the money being managed. In these cases, we canvassed a number of data sources to compile the estimates.
The Hedge Fund Journal would like to thank the Newedge Prime Brokerage Group for continuing to sponsor the Europe50. We also congratulate all those firms in the survey and give a special welcome to new entrants. We look forward to seeing mangers of all sizes, including those below the threshold, make their mark in the coming years. Certainly the tough conditions that envelop markets offer a ready testing ground for Europe’s leading asset managers to show their skill. We think the results will bear watching.THFJ
The Europe 50 Introduction
BILL McINTOSH
W
“As firms have lost assets the years of expansion have given way to a prolonged period of downsizing”
IN ASSOCIATION WITHEUROPE50
2
Brevan Howard 01AUM 30 Jun 10US$31.54bn
AUM 31 Jan 09US$25.56bn
Location London
2009 position 1 (-)
Founders/Principals
Brevan Howard Master FundBrevan Howard Emerging Markets Strategies Master FundBrevan Howard Asia Master Fund
$24.94bn$2.47bn
$1.87bn
Not disclosed Relative value macroEmerging markets macro
Relative value macro
Alan Howard
Size (US$)Fund Name(s) Fund Manager(s) Strategy/style
Man Investments 02AUM 30 Jun 10US$24.30bn
AUM 31 Jan 09US$25.40bn
Location London
2009 position 2 (-)
Founders/Principals
Man AHLOre Hill / Pemba
$21.20bn$3.10bn
Tim WongBen Nickoll, Fritz Wahl
Systematic, managed futuresCredit funds
Ben NickollFritz Wahl
Size (US$)Fund Name(s) Fund Manager(s) Strategy/style
BlueCrest Capital Management 04AUM 30 Jun 10US$20.50bn
AUM 31 Jan 09US$13.00bn
Location London
2009 position 6 (2)
Founders/Principals
BlueTrendBlueCrest Capital International
Not disclosed
Not disclosed Not disclosed Mike PlattLeda BragaBill Reeves
Size (US$)Fund Name(s) Fund Manager(s) Strategy/style
BlackRock 03AUM 30 Jun 10US$21.66bn
AUM 31 Jan 09US$17.00bn
Location London
2009 position 3 (-)
Founders/Principals
UK Emerging Companies Hedge Fund UK Equity Hedge FundEuropean Opportunities Hedge Fund
Not disclosed
Richard Plackett, Ralph Cox Nigel Ridge, David GoldmanCarl Lee, David Tovey
Equity long/shortEquity long/shortEquity long/short
Laurence Fink
Size (US$)Fund Name(s) Fund Manager(s) Strategy/style
Lansdowne Partners 05AUM 30 Jun 10US$14.30bn
AUM 31 Jan 09US$11.65bn
Location London
2009 position 7 (2)
Founders/Principals
Lansdowne UK Equity FundLansdowne Global Financials FundLansdowne European Equity Fund
$8.60bn$2.90bn$1.70bn
Peter Davies, Stuart RodenWilliam de WintonSteve Heinz, David Craigen
Equity long/shortEquity long/shortEquity long/short
Paul RuddockSteve Heinz
Size (US$)Fund Name(s) Fund Manager(s) Strategy/style
IN ASSOCIATION WITHEUROPE50
3
Winton Capital Management 06AUM 30 Jun 10US$13.65bn
AUM 31 Jan 09US$13.00bn
Location London
2009 position 5 (1)
Founders/Principals
Winton Futures FundWinton Evolution FundWinton Octo Fund
$4.59bn$92.90m$24.80m
SystematicSystematicSystematic
Managed futuresMulti-strategyLong/short equity
David HardingMartin HuntOsman MurgianAnthony DaniellPeter JauhalRajeev PatelMatthew Beddall
Size (US$)Fund Name(s) Fund Manager(s) Strategy/style
GLG Partners 08AUM 30 Jun 10US$12.10bn
AUM 31 Dec 08US$14.78bn
Location London
2009 position 4 (4)
Founders/Principals
GLG European Long/Short FundGLG Market Neutral FundGLG Emerging Markets FundGLG North American Opportunity FundGLG Global Convertible UCITS Fund
Not disclosed
Not disclosed Equity long/shortMulti-strategy arbitrageGlobal macroEquity long/shortConvertible Bond
Noam GottesmanPierre LagrangeEmmanuel RomanSteve Roth
Size (US$)Fund Name(s) Fund Manager(s) Strategy/style
Brummer & Partners09AUM 30 Jun 10US$8.64bn
AUM 31 Jan 09US$4.39bn
Location Stockholm
2009 position 18 (9)
Founders/Principals
Lynx
Nektar
Zenit
$2.00bn
$1.75bn
$1.13bn
Svante Bergström, Jonas Bengtsson, Martin SandquistKent Janér, Kerim Kaskal, Torbjörn Olofsson, Thomas AnderssonPer Josefsson, Peter Thelin, Stefan Löhr, Martin Jonsson, Stefan Guter
Managed futures
Fixed income relative value/macro
Global long/short equity
Patrik Brummer, Per Josefsson, Peter Thelin, Svante Elfving, Kent Janér, Klaus Jäntti, Torbjörn Olofsson, Kerim Kaskal, Thomas Andersson
Size (US$)Fund Name(s) Fund Manager(s) Strategy/style
Transtrend 10AUM 30 Jun 10US$7.60bn
AUM 31 Jan 09US$7.60bn
Location Rotterdam
2009 position 10 (-)
Founders/Principals
Diversified Trend ProgramEquity Trend Program
$7.50bn$100m
Not disclosed Managed futures Joep van den BroekHarold de BoerMark van DongenAndre Honig
Size (US$)Fund Name(s) Fund Manager(s) Strategy/style
GAM 07AUM 30 Jun 10US$13.18bn
AUM 31 Jan 09US$2.39bn
Location London
2009 position 34 (27)
Founders/Principals
Julius Baer Absolute Return Bond strategiesGAM Global Rates strategyGAMut Investments
$9.15bn$859m$718m
Not disclosed Multi-strategyDiscretionary macroGlobal macro
Gilbert de Botton (Founder)David M. Solo (Group CEO)Andrew Hanges (GAM CEO)
Size (US$)Fund Name(s) Fund Manager(s) Strategy/style
IN ASSOCIATION WITHEUROPE50
4
The Children’s Investment Fund Management 14AUM 30 Jun 10US$6.oobn (est)
AUM 31 Jan 09US$9.50bn
Location London
2009 position 8 (6)
Founders/Principals
The Children’s Investment Master Fund Not disclosed
Christopher Hohn Activist Christopher Hohn
Size (US$)Fund Name(s) Fund Manager(s) Strategy/style
Sloane Robinson 11AUM 30 Jun 10US$7.40bn
AUM 31 Jan 09US$9.10bn
Location London
2009 position 8 (3)
Founders/Principals
SR Global Fund (Class B) AsiaSR Global Fund (Class C) InternationalSR Global Fund (Class G) Emerging MarketsSR Phoenicia (Class A) PhoeniciaSR Global Fund (Classes A & F) EuropeSR Global Fund (Class H) Japan
$1.40bn$1.45bn$2.20bn$580m
Richard Chenevix-TrenchHugh SloaneRichard Chenevix-TrenchGeorge RobinsonMichael Hufton, Nathan WongHugh Sloane
Equity long/short market directional
Hugh Sloane George RobinsonRichard Chenevix-Trench
Size (US$)Fund Name(s) Fund Manager(s) Strategy/style
Gartmore Investment Management 12AUM 30 Jun 10US$6.87bn
AUM 31 Jan 09US$6.10bn
Location London
2009 position 15 (3)
Founders/Principals
The AlphaGen Capella Fund LimitedThe AlphaGen Tucana Fund Limited
The AlphaGen Octanis Fund Limited
$1.57bn$720m
$617m
Roger GuyRoger Guy
Ben Wallace, Luke Newman
European long/short equityEuropean long/short equity - high convictionUK long/short equity
Jeff MeyerKeith StarlingDave FrancisDominic RossiPhil WagstaffPaul Graham
Size (US$)Fund Name(s) Fund Manager(s) Strategy/style
Dexia Asset Management 13AUM 30 Jun 10US$6.68bn
AUM 31 Jan 09US$2.48bn
Location Paris
2009 position 31 (18)
Founders/Principals
Dexia Index ArbitrageHigh Yield Bonds
Risk Arbitrage
$2.04bn$537m
$214mn
Emmanuel TerrazPhilippe Noyard
Sophie Elkrief
UCITS III arbitrage styleLong only, long/short, credit derivativesUCITS III, event driven strategy
Naïm Abou-Jaoudé Fabrice Cuchet
Size (US$)Fund Name(s) Fund Manager(s) Strategy/style
Spinnaker Capital 15AUM 30 Jun 10US$5.64bn
AUM 31 Jan 09US$5.00bn (est)
Location London
2009 position 16 (1)
Founders/Principals
Spinnaker Global Opportunity FundSpinnaker Global Emerging Markets Fund
Not disclosed
Not disclosed Not disclosed Not disclosed
Size (US$)Fund Name(s) Fund Manager(s) Strategy/style
IN ASSOCIATION WITHEUROPE50
5
Capula Global 20AUM 30 Jun 10US$5.19bn
AUM 31 Jan 09US$3.68bn
Location London
2009 position 24 (4)
Founders/Principals
Capula Global Relative Value Master Fund
Capula Tail Risk Master Fund
$4.72bn
$462m
Yan Huo, Masao Asai, Mark Barnett, Jean-Marc Bottazzi, Ayman Hindy, Bing-Le Wu
Relative value & convergence strategies
Yan HuoMasao Asai
Size (US$)Fund Name(s) Fund Manager(s) Strategy/style
HSBC Global Asset Management 17AUM 30 Jun 10US$5.40bn
AUM 31 Jan 09US$7.09bn
Location London, Paris
2009 position 11 (6)
Founders/Principals
HSBC Global Bonds Market Neutral StrategyHSBC Global Macro Strategy
HSBC European Alpha Strategy
$1.61bn$693.7m
$326.1m
Luc DumontierJim Dunsford, Guillaume RabaultMichael O’Mara, Jakob Nordestedt
Global bonds, market neutralLong/short
Long/short
John Flint
Size (US$)Fund Name(s) Fund Manager(s) Strategy/style
Jabre Capital Partners 19AUM 30 Jun 10US$5.20bn
AUM 31 Jan 09US$3.00bn
Location Geneva
2009 position 27 (8)
Founders/Principals
Global Convertible FundGlobal Balanced FundMulti-Strategy FundMangousta FundEMEA Fund
Not disclosed
Philippe JabreDaniel HorsleyYan-Hinnerk RichterRenaud SaleurJames Saltissi
Convertible bondsLong/short equity
Philippe JabreMark Cecil
Size (US$)Fund Name(s) Fund Manager(s) Strategy/style
Polygon Investment Group 18AUM 30 Jun 10US$5.25bn
AUM 31 Jan 09US$4.00bn
Location London
2009 position 20 (2)
Founders/Principals
Polygon Global Opp Master FundEuropean Equities Opp Fund
Convertible Opp Fund
Not disclosed
Reade Griffiths, Paddy DearRead Griffiths, Nicolas DautignyMike Humphries, Robert Dorfman
Multi-strategyEuropean equity events
Convertible bonds
Not disclosed
Size (US$)Fund Name(s) Fund Manager(s) Strategy/style
COMAC Capital16AUM 30 Jun 10US$5.50bn
AUM 31 Jan 09n/a
Location London
2009 position N/A
Founders/Principals
COMAC Master Fund Limited $5.30bn Colm O’Shea Global macro Colm O’Shea
Size (US$)Fund Name(s) Fund Manager(s) Strategy/style
IN ASSOCIATION WITHEUROPE50
6
Cheyne Capital 21AUM 30 Jun 10US$5.00bn
AUM 31 Jan 09US$7.00bn
Location London
2009 position 12 (9)
Founders/Principals
Cheyne Real Estate Debt FundCheyne Total Return Credit FundCheyne European Event Driven Fund
Not disclosed
Not disclosed European real estate debtStructured corporate creditEuropean event driven
Jonathan Lourie Stuart FiertzChris Goekjian
Size (US$)Fund Name(s) Fund Manager(s) Strategy/style
CQS Management 23AUM 31 July 10US$4.70bn
AUM 31 Jan 09US$4.50bn
Location London
2009 position 17 (6)
Founders/Principals
The CQS Convertible & Quantitative Strategies FundThe CQS Directional Opportunities Fund
The CQS ABS Fund
$1.30bn
$820m
$700m
Michael Hintze
Michael Hintze
Alistair Lumsden
Convertible bond & equity arbitrageMulti-strategy directional fund Asset backed securities and related markets
Michael Hintze
Size (US$)Fund Name(s) Fund Manager(s) Strategy/style
Marshall Wace 22AUM 31 July 10US$4.95bn
AUM 27 Jan 09US$6.30bn
Location London
2009 position 14 (8)
Founders/Principals
MW Market Neutral TOPS Fund
MW Eureka FundMW European TOPS Fund
$1.03bn
$845m$802m
Anthony Clarke
Paul MarshallAnthony Clarke
Equity market neutral strategy - process drivenLong/short equity strategyLong/short equity strategy - process driven
Paul MarshallIan Wace
Size (US$)Fund Name(s) Fund Manager(s) Strategy/style
Cevian Capital 25AUM 30 Jun 10US$3.54bn
AUM 31 Jan 09US$3.02bn
Location Stockholm, Pfäffikon, London2009 position 26 (1)
Founders/Principals
Cevian Capital II Not disclosed
Lars Förberg , Christer Gardell Operational activist Lars Förberg Christer Gardell
Size (US$)Fund Name(s) Fund Manager(s) Strategy/style
Aspect Capital 24AUM 30 Jun 10US$3.69bn
AUM 31 Jan 09US$4.30bn
Location London, Geneva, NY2009 position 19 (5)
Founders/Principals
Aspect Diversified FundAspect Master FundAspect Global Equity Fund
Not disclosed
Not disclosed Not disclosed Anthony ToddMartin LueckMichael Adam
Size (US$)Fund Name(s) Fund Manager(s) Strategy/style
IN ASSOCIATION WITHEUROPE50
7
Henderson Global Investors30AUM 30 Jun 10US$3.00bn
AUM 31 Jan 09N/A
Location London
2009 position N/A
Founders/Principals
Asia Pacific Absolute Return Fund
Global Equity Multi-StrategyJapan Absolute Return Fund
$597m
$179m$352m
Andrew Mattock, John Crawford David ElmsWilliam Garnett, Jeremy Hall
Multi-strategy
Multi-strategyMulti-strategy
Andrew Formica
Size (US$)Fund Name(s) Fund Manager(s) Strategy/style
Capital Fund Management 29AUM 30 Jun 10US$3.14bn
AUM 31 Jan 09US$2.34bn
Location Paris
2009 position 35 (7)
Founders/Principals
Stratus ProgramStratus Fund Ltd (offshore)Stratus Feeder Ltd (offshore)Stratus Feeder LLC (onshore US)
$2.10bn$626m$1.29bn$178m
Jean-Philippe Bouchaud, Philippe Jordan, Marc Potters, Jacques Saulière
Directional strategyEquity statistical arbitrage strategyEquity volatility strategy
Jean-PhilippeBouchaud Philippe JordanMarc Potters Jacques Saulière
Size (US$)Fund Name(s) Fund Manager(s) Strategy/style
Pharo Management 28AUM 30 Jun 10US$3.20bn
AUM 31 Jan 09$1.20bn
Location London, New York, Hong Kong2009 position N/A
Founders/Principals
Pharo Macro Fund, Ltd.
Pharo Trading Fund, Ltd.
GAM Star Pharo Emerging Market Debt and FX Fund
$2.60bn
$413m
$62m
G. Fonkenell, M. Skarbinski, M. Castro, M. Dow, M. Ferreira,
K. Acanal, J. Liggett, T. LuG. Fonkenell
Guillaume Fonkenell, Marcelo Castro
Discretionary trading primarily in EM, but also in DM, across FX, fixed income, credit, equity and volatility
UCITS III fund benchmarked to the JPMorgan EMBI-GD Index
Guillaume Fonkenell
Size (US$)Fund Name(s) Fund Manager(s) Strategy/style
Prosperity Capital Management27AUM 30 Jun 10US$3.48bn
AUM 31 Jan 09US$1.28bn
Location Caymans, London, Moscow2009 position N/A
Founders/Principals
Russian Prosperity Fund
New Russian Generation Limited
Prosperity Quest Fund
$913m
$751m
$280m
Alexander Branis
Alexander Branis
Ivan Mazalov
Russia & CIS fundamental valueRussia & CIS power sector, special situationsRussia & CIS special situations
Mattias WestmanAlexander BranisIvan MazalovTomas OlssonAlexey KrivoshapkoLiam Halligan
Size (US$)Fund Name(s) Fund Manager(s) Strategy/style
IN ASSOCIATION WITHEUROPE50
8
Arrowgrass26AUM 30 Jun 10US$3.52bn
AUM 31 Jan 09US$3.61bn
Location London,
2009 position N/A
Founders/Principals
Arrowgrass Master FundArrowgrass Equity Focus Fund
Arrowgrass Distressed Opportunities Fund
Not disclosed
Nick NiellAndrew BillettMichael Chung
Multi StrategyEuropean Large Cap Long/ShortLiquid Distressed
Nick NiellHenry KennerAndrew BillettMichael ChungAlan LyonsChris Wehbe
Size (US$)Fund Name(s) Fund Manager(s) Strategy/style
BlueBay Asset Management33=AUM 30 Jun 10US$2.50bn
AUM 31 Jan 09US$3.70bn
Location London, NY, Tokyo2009 position 23 (8)
Founders/Principals
BlueBay Value Recovery Fund (EUR)BlueBay Value Recovery Fund (USD)BlueBay Multi-Strategy FundBlueBay Multi-Strategy Fund PLUSBlueBay Macro FundBlueBay European Distressed Opportunity Fund
Not disclosed
Not disclosed Not disclosed Hugh WillisMark Poole
Size (US$)Fund Name(s) Fund Manager(s) Strategy/style
Egerton Capital 31AUM 30 Jun 10US$2.84bn
AUM 31 Jan 09US$2.99bn
Location London
2009 position 20 (10)
Founders/Principals
The Egerton European Equity Fund LimitedThe Egerton European Dollar Fund LimitedEgerton Capital Partners, L.P.
$804m$1.57bn$459m
John Armitage Equity long/short John Armitage
Size (US$)Fund Name(s) Fund Manager(s) Strategy/style
IN ASSOCIATION WITHEUROPE50
9
James Caird Asset Management 33=AUM 30 Jun 10US$2.50bn
AUM 31 Jan 09US$2.40bn
Location London
2009 position 33 (?)
Founders/Principals
JCAM Global FundJCAM Credit Opportunities Fund
Not disclosed
Tim Leslie GlobalCredit
Tim LeslieJohn DemaineRobert Miller
Size (US$)Fund Name(s) Fund Manager(s) Strategy/style
SEB Asset Management32AUM 30 Jun 10US$2.67bn
AUM 31 Dec 09US$3.15bn
Location Stockholm
2009 position - (-)
Founders/Principals
SEB Asset Selection Fund SEB Räntehedge Alpha SEB Hedge Fixed Income
$1,892bn$264m$219m
Hans-Olov Bornemann Stefan DaberiusStefan Daberius
Systematic Managed FuturesFixed Income, Relative Value Fixed Income, Relative Value
Not disclosed
Size (US$)Fund Name(s) Fund Manager(s) Strategy/style
Aquila Capital Concepts 35AUM 30 Jun 10US$2.40bn
AUM 31 Jan 09Not disclosed
Location Hamburg, Frankfurt, Cologne, Zurich, Luxembourg2009 position - (-)
Founders/Principals
AC Agri Opportunity FundAC Statistical Value Market Neutral Fund
Not disclosed
Not disclosed MacroManaged FuturesAlternatives of Alternatives
Roman RosslenbroichDieter Rentsch
Size (US$)Fund Name(s) Fund Manager(s) Strategy/style
IKOS 40AUM 31 July 10US$2.00bn
AUM 31 Jan 09US$1.55bn
Location Cyprus
2009 position 47 (10)
Founders/Principals
IKOS Futures Strategy
IKOS FX StrategyIKOS Hedge Strategy
$1.87bn
$919m$175m
Not disclosed Multi-strategy, systematic global macroSystematic macroMulti-strategy
Elena Ambrosiadou
Size (US$)Fund Name(s) Fund Manager(s) Strategy/style
TT International 39AUM 30 Jun 10US$2.10bn
AUM 31 Jan 09US$1.58bn
Location London
2009 position 45 (9)
Founders/Principals
TT Mid-Cap Europe Long/Short Fund
Permal Europe Limited
TT Financials Long/Short
$612m
$335m
$173m
David Grimbley
Tim Tacchi
Mark Eady, Ben Steele
European mid-cap equities long/shortEquity long/short & opportunistic global macroGlobal financials equities long/short
Tim Tacchi
Size (US$)Fund Name(s) Fund Manager(s) Strategy/style
Millennium Global Investments36AUM 30 Jun 10US$2.30bn
AUM 31 Jan 09N/A
Location London
2009 position N/A
Founders/Principals
Millennium Global Currency Fund
Millennium Global High Yield Fund
Millennium Global Natural Resources
$263m
$291m
$102m
Michael Huttman, Alan Eisner, Lissa Scott Smith, Richard Benson, Nick WoodJoe Strubel, Peter Cuckovich, Joe MullinJim Guiang, Zarco Stefanovski
Forex
High yield, distressed and special situations
Michael HuttmanAlan Eisner
Size (US$)Fund Name(s) Fund Manager(s) Strategy/style
Thames River Capital 37AUM 30 Jun 10US$2.22bn
AUM 31 Jan 09N/A
Location London
2009 position 29 (5)
Founders/Principals
NevskyLongstone Hillside Apex
$1.88bn$137m$101m
Not disclosed Not disclosed Not disclosed
Size (US$)Fund Name(s) Fund Manager(s) Strategy/style
M&G Investments 38AUM 30 Jun 10US$2.20bn
AUM 31 Jan 09US$1.80bn
Location London
2009 position 39 (4)
Founders/Principals
EpisodeM&G Macro Episode
Not disclosed
Dave FishwickDave Fishwick, Eric Lonergan
Global macroUCITS
Dave Fishwick
Size (US$)Fund Name(s) Fund Manager(s) Strategy/style
IN ASSOCIATION WITHEUROPE50
10
Ecofin42=AUM 30 Jun 10US$1.80bnAUM 31 Jan 09US$2.48bn
Location London, NY, Hong Kong2009 position 31 (9)
Founders/Principals
Ecofin Special Situations Utilities FundEcofin Global Utilities Hedge FundEcofin North American Utilities Hedge Fund
Not disclosed
Bernard Lambilliotte Long/Short Bernard LambilliotteJohn MurrayVincent Barnouin
Size (US$)Fund Name(s) Fund Manager(s) Strategy/style
Odey Asset Management 41AUM 30 Jun 10US$1.83bn
AUM 31 Jan 09US$1.57bn
Location London
2009 position 46 (0)
Founders/Principals
Odey European Inc.OEI Mac Inc.Giano Capital
$1.23bn$549m$51m
Crispin OdeyCrispin OdeyMichele Ragazzi
Equity long/shortEquity long/shortEquity long/short
Crispin Odey
Size (US$)Fund Name(s) Fund Manager(s) Strategy/style
Cazenove Capital 42=AUM 30 Jun 10US$1.80bn
AUM 31 Jan 09US$1.62bn
Location London
2009 position 42 (3)
Founders/Principals
Cazenove European Equity Absolute Return FundCazenove UK Absolute Target FundCazenove UK Dynamic Absolute Return Fund
$674m
$551m$144m
Chris Rice, Steve Cordell
Tim RussellPaul Marriage
Equity long/short
Equity long/shortEquity long/short
Andrew Ross
Size (US$)Fund Name(s) Fund Manager(s) Strategy/style
Toscafund42=AUM 30 Jun 10US$1.80bn
AUM 31 Jan 09N/A
Location London
2009 position N/A
Founders/Principals
ToscaTosca Mid-Cap FundTosca MOD
Not disclosed
Johnny de la HeyCharles Schrager
Long/short equityLong/short equitySelective mortgage credit
Martin HughesJohnny de la Hay
Size (US$)Fund Name(s) Fund Manager(s) Strategy/style
Armajaro 45AUM 30 Jun 10US$1.70bn
AUM 31 Jan 09US$1.60bn
Location London
2009 position 43(1)
Founders/Principals
Armajaro Commodities FundCC + FundCzar + Fund
Not disclosed
Not disclosed Global CommoditiesGlobal Soft CommoditiesGlobal Soft Commodities
Anthony WardRichard Gower
Size (US$)Fund Name(s) Fund Manager(s) Strategy/style
IN ASSOCIATION WITHEUROPE50
11
Tyrus Capital 46AUM 30 Jun 10US$1.64bn
AUM 31 Jan 09N/A
Location London
2009 position N/A
Founders/Principals
Tyrus Capital Event Fund Not disclosed
Tony Chedraoui Global equity based event driven
Tony Chedraoui
Size (US$)Fund Name(s) Fund Manager(s) Strategy/style
GLC 47AUM 30 Jun 10US$1.59bn
AUM 31 Jan 09US$899m
Location London
2009 position N/A
Founders/Principals
GLC Gestalt ProgrammeGLC Global Macro ProgrammeGLC Directional Programme
$709m$399m$351m
Lawrence Staden, Iain BratchieSteven Ball, Aston ChanLawrence Staden, Iain Bratchie
Statistical arbitrageGlobal macroManaged futures
Lawrence StadenCaroline Hoare Iain BratchieSteven Bell
Size (US$)Fund Name(s) Fund Manager(s) Strategy/style
Rubicon Fund Management 48AUM 30 Jun 10US$1.53bn
AUM 31 Jan 09N/A
Location London
2009 position N/A
Founders/Principals
Rubicon Master Fund $1.53bn Santiago Alarco, Tim Attias, Stephen Elgie, Gerado Lemus
Global fixed income, currency, commodity, equity markets and related derivatives
Paul BrewerJoe Leitch
Size (US$)Fund Name(s) Fund Manager(s) Strategy/style
Altis Partners50AUM 30 Jun 10US$1.40bn
AUM 31 Jan 09N/A
Location St. Helier
2009 position N/A
Founders/Principals
Altis Global Futures Portfolio Altis Global Commodity Portfolio
Not disclosed
Not disclosed Systematic Managed Futures Alex BrunwinStephen HedgecockZ. HermaszewskiNatasha Reeve-Gray
Size (US$)Fund Name(s) Fund Manager(s) Strategy/style
IN ASSOCIATION WITHEUROPE50
12
Boussard & Gavaudan49AUM 30 Jun 10US$1.49bn
AUM 31 Jan 09US$1.54bn
Location London, Paris, Hong Kong2009 position 48 (1)
Founders/Principals
SARK Fund $1.41bn Emmanuel BoussardEmmanuel Gavaudan
Multi-strategy Emmanuel BoussardEmmanuel Gavaudan
Size (US$)Fund Name(s) Fund Manager(s) Strategy/style