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IN ASSOCIATION WITHUS50
elcome to the third edition of The Hedge Fund Journal’s US50 published in association with Newedge Prime
Brokerage Group. Much like its European equivalent, the Europe50, the US50 is a listing of the 50 largest US single hedge fund managers ranked by assets under management at 31 December 2011.
Since the second edition of the US50 was published in March 2010 the hedge fund industry has recovered further in terms of assets under management, returning to just over the $2 trillion level, according to data from Hedge Fund Research. The third edition of the US50 comes after a period of initially strong investment performance followed by a more volatile market environment, punctuated by brief periods of gains and sudden investment losses.
Many of the US50 from two years ago are still present in the third edition, although the relative ranking of many has certainly changed. On a comparative basis, most hedge fund firms have gained assets over the past two years though there are a number that have shrunk notably. Sometimes this is due to investors withdrawing cash after a period of fund drawdowns, other times it is because a particular strategy may have fallen out of favour. Conversely, the attractions of a strategy can certainly help to attract investors.
Macro attracts investorsThis is clearly the case with global macro and the rise of Bridgewater Associates to pole position in the US50 and indeed the global hedge fund sector. Founded by Ray Dalio in 1975, Bridgewater rose to the number one position in our 2012 survey: it now manages $76.1 billion in hedge fund assets (plus a further $45 billion in non-hedge strategies). That marks a stunning 69% rise in assets from 31 January 2010.
The rise of Bridgewater and its reputation for being a firm with a unique culture of excellence coincides with the continued burst of allocations to macro strategies. This has also happened in Europe where macro specialist Brevan Howard Asset Management is near the top of the leader board with $33 billion in AUM.
“Macro strategies continue to be popular with investors,” says Robert Kaplan, chief investment officer of Permal Asset Management. “You have to have a global perspective with an appreciation of economic and political factors. It is a strategy that continues to attract most of the assets. We are in a period of lower volatility, but between events on the calendar. There are events that will cause investors to have jitters. In the fourth quarter the US election. Post-election, the end of the Bush tax cuts. And in the meantime there will be ongoing
news from Europe on refinancing. Investors are cognisant of all the macro factors playing on markets, so they are allocating more to macro strategies than to all the others.”
The surge of investors embracing macro managers was more than enough for Bridgewater to dethrone J.P. Morgan Asset Management, the leader in the previous US50. This time JPMAM had $45 billion in AUM, down from $54 billion in the 2010 survey. Coming in third and fourth place respectively were Och-Ziff Capital Management and BlackRock. Och-Ziff moves up to third place from fifth with a rise in assets to $29 billion, while BlackRock jumps to fourth from eighth with assets of $28 billion.
Residing at fifth place in the US50 is the venerable Soros Fund Management. It has estimated AUM of about $25 billion. With the firm recently converting to a family office and returning funds to investors, Soros FM will be disappearing from the league table of leading managers. Indeed, in early April it was confirmed that Jonathan Soros, the son of founder George Soros, now 82, is setting up a family office of his own. Changing regulations, including registration and asset position disclosures affecting hedge funds in the US, are expected to drive the evolution of new structures for the foreseeable future. Being less burdensome with respect to regulation and disclosure, the family office structure looks certain to enjoy growing appeal for both established wealth creators and investors able to allocate substantial sums of capital.
Varied strategy hedge fundsThe flow of funds to macro and commodity trading advisor strategies reflects how managers in these areas feel comfortable providing investors with active liquidity. Macro funds, in particular, have matched that liquidity with strong returns even if CTAs have found it much more difficult to find trends and harness them to generate performance. Post-2008 it is no surprise why investors continue to prefer strategies concentrated on the liquid end of markets.
Among the hedge fund firms in the top half of the US50, in particular, there are a substantial number which employ a multi-strategy approach to running money. BlackRock, for example, has expanded far beyond its roots and now offers a wide variety of strategies. Its single manager hedge funds sit within BlackRock Alternative Investors, a $100 billion-plus colossus that also includes funds of hedge funds, commodities and real estate.
“The leading hedge funds are by and large firms with a multi-strategy flavour,” says a portfolio manager with a major fund of hedge funds, who notes that these firms have lots of infrastructure
and access to plentiful liquidity. “It shows the way forward is to be a multi-strategy fund. If investors want to avoid funds of funds they can go to the big names and get a lot of options. The top hedge funds have become, shall we say, varied strategy with the name recognition that investors can feel comfortable with.”
It is not to say, however, that all firms embracing a multi-strategy investment style have performed well or grown assets. Perhaps the most notable among these firms is Paulson & Co. Though John Paulson profited mightily from the US sub-prime implosion, a raft of new funds and new strategies in existing funds have endured an extremely chequered run. The result is that Paulson’s assets fell to $22.6 billion from $32 billion in 2010, lowering its ranking to seventh from third. In a similar vein, DE Shaw Group has lost substantial ground in terms of AUM even though the firm has introduced more advantageous terms on some funds for its institutional investor client base.
AUM, fund numbers growingBut the overall picture for US hedge funds is one of growth, both in terms of the new funds being launched and the assets being allocated to managers, data from HFR shows. Indeed, there is growing anecdotal evidence that funds of hedge funds are investing more and more in smaller managers in order to bolster their value proposition to investors.
“The first thing to say about flow trends is that we see investors coming back to hedge funds,” says Stefan Keller, head of managed account platform research and external relations with Lyxor Asset Management. “The third quarter of 2011 was terrible for outflow, but the fourth quarter saw recovery and that carried on through January and February. March was stabilising but on a rising trend. Overall, the first quarter of 2012 shows a stronger continuation of what we saw begin in the fourth quarter of last year.”
Many readers will realise that the US has a stringent legal framework in terms of what information funds can and cannot provide. For this reason, many of the hedge funds contacted for this survey were anxious to avoid doing anything that could be construed as solicitation. Though a majority of firms were prepared to provide AUM data, they were more reluctant to provide information about fund names, strategies and portfolio managers. As a result, The Hedge Fund Journal has sourced this information from other sources and sought to verify it where possible.
In closing, we would like to thank Newedge Prime Brokerage Group for its continued support of this survey. THFJ
The US50 In association with Newedge Prime Brokerage Group
BILL McINTOSH
W
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IN ASSOCIATION WITHUS50
Pure Alpha strategy
Pure Alpha Major Markets strategy
All Weather 12% strategy
Ray Dalio, Bob Prince,
Greg Jensen
Global Macro Ray Dalio
Bob Prince
Greg Jensen
Founders/PrincipalsStrategy/styleFund Manager(s)Size ($b)Principal Fund(s)
1 Bridgewater Associates
$57.1 bn
$14.2 bn
$4.8 bn
AUM 31 December 11$76.1 bn
AUM 31 January 10$45.0 bn
Location Westport, CT
AUM 31 December 11$45.0 bn
AUM 31 January 10$54.0 bn
Location New York, NY
Not disclosed Not disclosed Relative Value
Equity Long/Short
Macro
Distressed Securities
Merger Arbitrage/Event Driven
Short Selling
Not disclosed
Founders/PrincipalsStrategy/styleFund Manager(s)Size ($b)Principal Fund(s)
2 JP Morgan Asset Management
Not
disclosed
AUM 31 December 11$28.0 bn
AUM 31 January 10$21.4 bn (est)
Location New York, NY
Not disclosed Not disclosed Diversified Fixed Income
European Opportunities
Credit
Emerging Europe
Natural Resources
UK Emerging Companies
UK Equity
Larry Fink
Founders/PrincipalsStrategy/styleFund Manager(s)Size ($b)Principal Fund(s)
4 BlackRock
Not
disclosed
OZ Master Fund
OZ Europe Master Fund
OZ Asia Master Fund
OZ Global Special Investments Master Fund
Daniel Och Multi-Strategy Daniel Och
Founders/PrincipalsStrategy/styleFund Manager(s)Size ($b)Principal Fund(s)
3 Och-Ziff Capital Management
Not
disclosed
AUM 1 January 12$29.0 bn
AUM 31 January 10$24.0 bn
Location New York, NY
AUM 31 December 11$25.0 bn (est)
AUM 31 January 10$27.5 billion (est)
Location New York, NY
Quantum Fund Not disclosed Global Macro George Soros
Founders/PrincipalsStrategy/styleFund Manager(s)Size ($b)Principal Fund(s)
5 Soros Fund Management
Not
disclosed
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IN ASSOCIATION WITHUS50
AUM 31 December 11$24.0 bn
AUM 31 January 10$22.0 bn
Location Boston, MA
Not disclosed Not disclosed Equity Value Seth Klarman
Founders/PrincipalsStrategy/styleFund Manager(s)Size ($b)Principal Fund(s)
6 Baupost Group
Not
disclosed
AUM 31 December 11$22.6 bn
AUM 1 January 10$32.0 bn
Location New York, NY
Paulson Advantage Funds
Paulson Credit Opportunities Funds
Paulson Partners Funds
Paulson Recovery Funds
Paulson Gold Fund
John Paulson Not disclosed John Paulson
Founders/PrincipalsStrategy/styleFund Manager(s)Size ($b)Principal Fund(s)
7 Paulson & Co
Not
disclosed
AUM 31 December 11$21.1 bn
AUM 31 January 10$21.2 bn
Location New York, NY
Not disclosed Not disclosed Multi-Strategy John M. Angelo
Michael L. Gordon
Founders/PrincipalsStrategy/styleFund Manager(s)Size ($b)Principal Fund(s)
8 Angelo, Gordon & Co
Not
disclosed
AUM 31 December 11$20.0 bn (est)
AUM 31 December 09$15.0 bn
Location East Setauket,
NY
Renaissance Institutional Diversified Alpha
Fund
Renaissance Institutional Equities Fund
Renaissance Institutional Futures Fund
Renaissance Medallion Fund
Not disclosed Statistical Arbitrage
Long/Short Equity
Equity Market Neutral
James Simons
Founders/PrincipalsStrategy/styleFund Manager(s)Size ($b)Principal Fund(s)
9 Renaissance Technologies
Not
disclosed
AUM 31 December 11$19.2 bn
AUM 31 January 10$20.6 bn
Location San Francisco,
CA
Not disclosed Not disclosed Credit
Merger Arbitrage
Long/Short Equity
Special Situations
Real Estate
Thomas Steyer
Andrew Spokes
Founders/PrincipalsStrategy/styleFund Manager(s)Size ($b)Principal Fund(s)
10= Farallon Capital Management
Not
disclosed
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IN ASSOCIATION WITHUS50
AUM 31 December 11$19.2 bn
AUM 31 January 10$16.4 bn
Location New York, NY
Elliott Associates, L.P.
Elliott International, Limited
Not disclosed Multi-Strategy Paul Singer
Founders/PrincipalsStrategy/styleFund Manager(s)Size ($b)Principal Fund(s)
10= Elliott Management Corp
Not
disclosed
AUM 1 January 12$17.6 bn
AUM 31 January 10$19.2 bn
Location New York, NY
King Street Capital, L.P.
King Street Capital, Ltd
Brian J. Higgins
O. Francis Biondi Jr.
Long/Short Credit
Event Driven
Brian J. Higgins
O. Francis Biondi Jr.
Founders/PrincipalsStrategy/styleFund Manager(s)Size ($b)Principal Fund(s)
12 King Street Capital Management
$6.2 bn
$10.5 bn
AUM 31 December 11$16.0 bn (est)
AUM 31 January 10$10.0 bn (est)
Location New York, NY
Davidson Kempner European Partners Fund
Davidson Kempner Event Driven Equities Fund
Davidson Kempner Institutional Partners Fund
Davidson Kempner Distressed Opportunities
Fund
Not disclosed Event Driven
Merger Arbitrage
Long/Short
Convertible Arbitrage
Thomas Kempner
Marvin Davidson
Founders/PrincipalsStrategy/styleFund Manager(s)Size ($b)Principal Fund(s)
13 Davidson Kempner Capital Management
Not
disclosed
AUM 31 December 11$15.3 bn
AUM 31 December 09$17.8 bn (est)
Location New York, NY
Global Alpha
North American Equity Opportunities
Not disclosed Long/Short Equity
Macro
Not disclosed
Founders/PrincipalsStrategy/styleFund Manager(s)Size ($b)Principal Fund(s)
14 Goldman Sachs Asset Management
Not
disclosed
AUM 31 December 11$22.0 bn (est)
AUM 1 January 10$23.6 bn
Location New York, NY
D. E. Shaw Multi-Asset Fund
D. E. Shaw Terella Fund
D.E. Shaw Composite Fund
D.E. Shaw Heliant Fund
D.E. Shaw Oculus Fund
Not disclosed Multi-Strategy
Statistical Arbitrage
Event Driven
Macro
Fixed Income Arbitrage
David E Shaw
Founders/PrincipalsStrategy/styleFund Manager(s)Size ($b)Principal Fund(s)
15= DE Shaw Group
Not
disclosed
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IN ASSOCIATION WITHUS50
AUM 31 December 11$15.0 bn
AUM 1 January 10$14.0 bn
Location New York, NY
Moore Emerging Market Fund
Moore Global Investors Fund
Moore Macro Managers Fund
Louis Bacon
Greg Coffey
Global Macro
Emerging Markets
Louis Bacon
Founders/PrincipalsStrategy/styleFund Manager(s)Size ($b)Principal Fund(s)
15= Moore Capital
Not
disclosed
AUM 31 December 11$14.5 bn *
AUM 31 January 10Not disclosed
Location Greenwich, CT
Not disclosed
*Hedge Fund assets have been scaled to 10%
volatility
Not disclosed Not disclosed Cliff Asness
David Kabiller
John Liew
Founders/PrincipalsStrategy/styleFund Manager(s)Size ($b)Principal Fund(s)
17 AQR Capital Management
Not
disclosed
AUM 31 December 11$13.8 bn
AUM 31 January 10$11.5 bn
Location Greenwich, CT
Viking Global Equities Not disclosed Long/Short Equity Andreas Halvorsen
David Ott
Founders/PrincipalsStrategy/styleFund Manager(s)Size ($b)Principal Fund(s)
19 Viking Global Investors
Not
disclosed
AUM 1 January 12$13.6 bn
AUM 1 January 10$11.4 bn
Location New York, NY
York Multi-Strategy
York Credit Opportunities
York European Opportunities
York Asian Opportunities
York Total Return
Not disclosed Event Driven James Dinan
Founders/PrincipalsStrategy/styleFund Manager(s)Size ($b)Principal Fund(s)
20 York Capital Management
Not
disclosed
AUM 31 December 11$14.0 bn
AUM 31 January 10$9.0 bn (est)
Location Boston, MA
Convexity Capital Offshore Not disclosed Multi-Strategy Jack Meyer
Founders/PrincipalsStrategy/styleFund Manager(s)Size ($b)Principal Fund(s)
18 Convexity Capital Management
Not
disclosed
7
IN ASSOCIATION WITHUS50
AUM 31 December 11$13.5 bn
AUM 31 January 10$7.5 bn
Location New York, NY
Millennium International / USA Not disclosed Multi-Strategy Israel Englander
Founders/PrincipalsStrategy/styleFund Manager(s)Size ($b)Principal Fund(s)
21 Millennium Partners
Not
disclosed
AUM 31 December 11$13.2 bn
AUM 31 December 09$18.6 bn
Location New York, NY
US Distressed Strategy
Europe Distressed Strategy
Asia Distressed Strategy
Rob Symington
Richard Furst
Mark R. Harris
Distressed Marc Lasry
Sonia E. Gardner
Founders/PrincipalsStrategy/styleFund Manager(s)Size ($b)Principal Fund(s)
22 Avenue Capital
$5.9 bn
$4.1 bn
$1.8 bn
AUM 31 December 11$12.6 bn
AUM 31 January 10$11.9 bn
Location Los Angeles,
CA
Not disclosed Not disclosed Multi-Strategy / Event Driven
(Credit Focus)
Joshua Friedman
Mitchell Julis
Founders/PrincipalsStrategy/styleFund Manager(s)Size ($b)Principal Fund(s)
23 Canyon Capital Advisors
Not
disclosed
AUM 31 December 11$12.0 bn
AUM 1 January 10$13.0 bn
Location New York, NY
Eton Park Overseas Fund
Eton Park Offshore Fund
Eton Park Master Fund
Not disclosed Multi-Strategy Eric Mindich
Founders/PrincipalsStrategy/styleFund Manager(s)Size ($b)Principal Fund(s)
24= Eton Park Capital Management
Not
disclosed
AUM 31 December 11$12.0 bn
AUM 31 January 10$12.0 bn
Location Short Hills, NJ
Not disclosed Distressed
Event Driven
David Tepper
Founders/PrincipalsStrategy/styleFund Manager(s)Size ($b)Principal Fund(s)
24= Appaloosa Management
Not
disclosed
Appaloosa Investment I
Palomino Fund
Thoroughbred Master Fund
Thoroughbred Fund LP
8
IN ASSOCIATION WITHUS50
AUM 31 December 11$12.0 bn (est)
AUM 31 January 10$12.5 bn (est)
Location Stamford, CT
International Fund Steven A Cohen Multi-Strategy
Long/Short Equity
Fixed Income Credit
Global Macro
Convertible Bonds
Emerging Markets
Steven A Cohen
Founders/PrincipalsStrategy/styleFund Manager(s)Size ($b)Principal Fund(s)
24= SAC Capital Advisors
Not
disclosed
AUM 31 December 11$11.0 bn
AUM 31 January 10$10.5 bn (est)
Location Boston, MA
Archipelago Partners
Bay Pond Partners
Iguazu Partners
Pagosa Partners
Placer Creek Partners
Not disclosed Multi-Strategy
Long/Short Equity
Commodities
Emerging Markets
Perry Traquina
Founders/PrincipalsStrategy/styleFund Manager(s)Size ($b)Principal Fund(s)
25= Wellington Management
Not
disclosed
AUM 31 December 11$11.0 bn
AUM 31 January 10$12.5 bn
Location Chicago, IL
Citadel Kensington Global Strategies Fund Ltd.
Citadel Wellington LLC
Not disclosed Multi-Strategy Ken Griffin
Founders/PrincipalsStrategy/styleFund Manager(s)Size ($b)Principal Fund(s)
25= Citadel LLC
Not
disclosed
AUM 31 December 11$11.0 bn
AUM 1 January 10$9.3 bn
Location Boston, MA
Not disclosed Not disclosed Not disclosed Jonathon Jacobson
Founders/PrincipalsStrategy/styleFund Manager(s)Size ($b)Principal Fund(s)
25= Highfields Capital Management
Not
disclosed
AUM 31 December 11$10.4 bn
AUM 31 January 10$9.8 bn
Location New York, NY
Not disclosed Not disclosed Credit Steven Tananbaum
Founders/PrincipalsStrategy/styleFund Manager(s)Size ($b)Principal Fund(s)
30 GoldenTree Asset Management
Not
disclosed
9
IN ASSOCIATION WITHUS50
AUM 1 January 12$10.3 bn
AUM 31 January 10$11.5 bn
Location Greenwich, CT
The Tudor BVI Global Portfolio L.P.
Tudor Tensor Portfolio Ltd. & Tensor Managed
Accounts
Paul Tudor Jones
Steve Evans
Global Macro
Quantitative Managed Futures
Paul Tudor Jones
Founders/PrincipalsStrategy/styleFund Manager(s)Size ($b)Principal Fund(s)
31 Tudor Investment Corporation
$8.1 bn
$1.1 bn
AUM 31 December 11$10.0 bn
AUM 31 January 10Not disclosed
Location New York, NY
Anchorage Capital Partners Funds
Anchorage Short Credit Funds
Anchorage Illiquid Opportunities Funds
Kevin Ulrich
Tony Davis
Dan Allen
Credit-Focused
Long/Short
Distressed
Special Situations
Kevin Ulrich
Tony Davis
Founders/PrincipalsStrategy/styleFund Manager(s)Size ($b)Principal Fund(s)
32= Anchorage Capital Group L.L.C.
Not
disclosed
AUM 31 December 11$10.0 bn (est)
AUM 31 January 10$10.0 bn (est)
Location Dallas, TX
Maverick Fund
Maverick Levered Fund
Maverick Long Fund
Maverick Neutral Fund
Maverick Neutral Levered Fund
Lee Ainslie III Long/Short Equity Lee Ainslie III
Founders/PrincipalsStrategy/styleFund Manager(s)Size ($b)Principal Fund(s)
32= Maverick Capital
Not
disclosed
AUM 31 December 11$10.0 bn (est)
AUM 31 January 10$10.5 bn (est)
Location Greenwich, CT
ESL Partners Not disclosed Distressed Edward Lampet
William Crowley
Founders/PrincipalsStrategy/styleFund Manager(s)Size ($b)Principal Fund(s)
32= ESL Investments
Not
disclosed
AUM 31 December 11$10.0 bn (est)
AUM 31 January 10Not disclosed
Location New York, NY
Pershing Square Fund
Pershing Square II
Pershing Square International
Not disclosed Not disclosed William Ackman
Founders/PrincipalsStrategy/styleFund Manager(s)Size ($b)Principal Fund(s)
32= Pershing Square Capital Management
Not
disclosed
10
IN ASSOCIATION WITHUS50
AUM 1 January 12$9.3 bn
AUM 1 January 10$7.3 bn
Location New York, NY
Caxton Global Investments
A.R.T. International Investors
Caxton HAWK (Diversified)
Wadhwani Asset Management
Andrew E. Law
Aaron Sosnick
Jeffrey Enslin
Sushil Wadhwani
Global Macro
Statistical Arbitrage
Quantitative Macro
Quantitative Macro
Bruce Kovner (retired)
Peter D'Angelo (retired)
Andrew E. Law
Founders/PrincipalsStrategy/styleFund Manager(s)Size ($b)Principal Fund(s)
36 Caxton Associates LP
$7.1 bn
AUM 31 December 11$9.0 bn (est)
AUM 31 January 10$10.5 bn (est)
Location Boston, MA
Brookside Capital Partners Fund
Brookside Capital Partners Fund II
Sanakty Advisors Prospect Harbour
Absolute Return Capital Partners
Not disclosed Not disclosed William Romney
Coleman Andrews
Eric Kriss
Founders/PrincipalsStrategy/styleFund Manager(s)Size ($b)Principal Fund(s)
37= Bain Capital/Brookside Capital Partners
Not
disclosed
AUM 31 December 11$8.8 bn (est)
AUM 31 January 10$8.8 bn (est)
Location New York, NY
Cerberus International
Cerberus Partners
Styx International
Styx Partners
Stephen Feinberg Distressed Stephen Feinberg
William L. Richter
Founders/PrincipalsStrategy/styleFund Manager(s)Size ($b)Principal Fund(s)
39 Cerberus Capital Management
Not
disclosed
AUM 31 December 11$9.0 bn (est)
AUM 31 January 10$8.5 bn (est)
Location Boston, MA
GMO Aggressive Long/Short Strategy
GMO Emerging Currency Hedge Fund
GMO Fixed Income Hedge Fund
GMO Multi-Strategy Fund
GMO Credit Opportunities Fund
Not disclosed Long/Short
Emerging Currency
Fixed Income
Multi-Strategy
Credit
Jeremy Grantham
Richard Mayo
Eyk van Otterloo
Founders/PrincipalsStrategy/styleFund Manager(s)Size ($b)Principal Fund(s)
37= Grantham, Mayo, Van Otterloo (GMO)
Not
disclosed
AUM 01 January 12$8.5 bn
AUM 31 January 10Not disclosed
Location New York, NY
Not disclosed Not disclosed Not disclosed John Overdeck
David Siegel
Founders/PrincipalsStrategy/styleFund Manager(s)Size ($b)Principal Fund(s)
40= Two Sigma Investments
Not
disclosed
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IN ASSOCIATION WITHUS50
AUM 31 December 11$8.2 bn (est)
AUM 31 January 10$7.0 bn (est)
Location New York, NY
Taconic Capital Partners
Taconic Capital Partners 1.5
Taconic Market Dislocation Fund II
Taconic Offshore Fund
Taconic Opportunity Fund
Not disclosed Not disclosed Kenneth Brody
Frank Brosens
Founders/PrincipalsStrategy/styleFund Manager(s)Size ($b)Principal Fund(s)
42 Taconic Capital Advisors
Not
disclosed
AUM 31 December 11$8.5 bn (est)
AUM 31 January 10Not Disclosed
Location Atlanta, GA
INVESCO ABS Oppoutunity Fund
Invesco Absolute Return Fund
Invesco Large Cap Core Directional Long/Short
Fund
Invesco Small Cap Core Directional Long /
Short Fund
Invesco US Equity Market Neutral Fund
Not disclosed Not disclosed Charles Brady
Martin L. Flanagan
Founders/PrincipalsStrategy/styleFund Manager(s)Size ($b)Principal Fund(s)
40= INVESCO Asset Management
Not
disclosed
AUM 1 January 12$8.1 bn
AUM 31 January 10Not disclosed
Location Evanston, IL
Not disclosed Not disclosed Multi-Strategy
Event Driven
Fixed Income
Energy
Alec Litowitz
Ross Laser
David Snyderman
Founders/PrincipalsStrategy/styleFund Manager(s)Size ($b)Principal Fund(s)
43 Magnetar Capital
Not
disclosed
AUM 31 December 11$8.0 bn (est)
AUM 31 January 10$9.0 bn (est)
Location Boston, MA
Adage Capital Partners Not disclosed Not disclosed Phil Gross
Robert Atchinson
Founders/PrincipalsStrategy/styleFund Manager(s)Size ($b)Principal Fund(s)
45= Adage Capital Management
Not
disclosed
AUM 31 December 11$8.05 bn
AUM 31 January 10Not disclosed
Location New York, NY
Not disclosed Not disclosed Event Driven Kenneth Garschina
Michael Martino
Founders/PrincipalsStrategy/styleFund Manager(s)Size ($b)Principal Fund(s)
44 Mason Capital Management
Not
disclosed
12
IN ASSOCIATION WITHUS50
AUM 31 December 11$7.7 bn
AUM 31 January 10Not disclosed
Location Rowayton, CT
Graham K4D-15V Portfolio
Graham Discretionary-6V Portfolio
Graham Discretionary-12V Portfolio
Graham Proprietary Matrix-10V Portfolio
Not disclosed Macro Kenneth G. Tropin
Founders/PrincipalsStrategy/styleFund Manager(s)Size ($b)Principal Fund(s)
48 Graham Capital Management
$3.5 bn
$680.8 m
$911.1 m
$764.6 m
AUM 31 December 11$7.5 bn
AUM 31 January 10Not disclosed
Location New York, NY
Third Point Offshore Fund, Ltd
Third Point Partners L.P.
Third Point Partners Qualified L.P.
Third Point Ultra Ltd.
Daniel S. Loeb Event Driven
Equity Special Situations
Credit
Daniel S. Loeb
Founders/PrincipalsStrategy/styleFund Manager(s)Size ($b)Principal Fund(s)
49= Third Point Management
$4.4 bn
$269 m
$1.2 bn
$1.1 bn
AUM 31 December 11$7.5 bn (est)
AUM 31 January 10Not disclosed
Location New York, NY
Greenlight Capital
Greenlight Capital Offshore
Greenlight Capital Qualified
Not disclosed Long/Short Equity
Distressed
David Einhorn
Founders/PrincipalsStrategy/styleFund Manager(s)Size ($b)Principal Fund(s)
49= Greenlight Capital
Not
disclosed
AUM 31 December 11$8.0 bn
AUM 31 January 10$8.0 bn (est)
Location Greenwich, CT
Not disclosed Not disclosed Long/Short Equity Stephen Mandel
Founders/PrincipalsStrategy/styleFund Manager(s)Size ($b)Principal Fund(s)
45= Lone Pine
Not
disclosed
AUM 31 December 11$8.0 bn (est)
AUM 31 January 10Not disclosed
Location New York, NY
Marathon Asia Fund
Marathon Credit Opportunity Fund
Marathon EM Opportunity Fund
Marathon Securitized Credit Fund
Marathon Special Opportunity Fund
Not disclosed Opportunistic Credit Bruce Richards
Louis Hanover
Founders/PrincipalsStrategy/styleFund Manager(s)Size ($b)Principal Fund(s)
45= Marathon Asset Management
Not
disclosed