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Fund of Hedge Funds: Top 50

Philippa Aylmer, contributing editor to The Hedge Fund Journal, writes, “If the last decade could be described as the biggest credit party ever, then the end of 2008 brought the mother of all hangovers. The hedge fund industry took a beating along with much else in the financial services sector and funds of hedge funds felt their share of the pain.”

The Hedge Fund Journal‘s report of the “Global 50: Funds of Hedge Funds” shows the decrease in assets under management in funds of hedge funds from September of 2008 to June 2009. With the market downturn and the uncovering of Madoff’s $50 Billion ponzi scheme, funds of hedge funds had been hemorrhaging AUM in 2008 but have slowed the bleeding in the early part of 2009. Will the fund of hedge funds recover from their wounds by the end of this year, or will it take more time? We will have to wait and see.

Here are the top 50 fund of hedge funds groups ranked by assets under management as of the end of June in 2009.

Rank Group Name Assets Under Management as of June 30, 2009 Assets Under Management as of September 30, 2008 Percent Change
1 Alternative and Quantitative Investment (UBS) $31.4 Billion $46.6 Billion -32.6%
2 Blackstone Alternative Asset Management $25 Billion (est.) $20 Billion (est.) 25.0%
3 Union Bancaire Privee $23.8 Billion $33 Billion -27.8%
4 Man Investments $23 Billion $42.9 Billion -46.4%
5 HSBC Alternative Investments $22.27 Billion $46.28 Billion -51.9%
6 Grosvenor Capital Management $21 Billion (est.) $20 Billion (est.) 5.0%
7 Permal Asset Management $18.7 Billion $36.62 Billion -17.9%
8 Goldman Sachs Hedge Fund Strategies $18 Billion $23.9 Billion -24.7%
9 Pacific Alternative Asset Management (PAAMCO) $16.23 Billion $18.1 Billion -10.3%
10 Lyxor Asset Management $16.1 Billion $23.76 Billion -32.2%
11 BlackRock $16 Billion $20.74 Billion -22.8%
12 Credit Suisse Funds and Alternative Solutions $14.47 Billion $25.81 Billion -43.9%
13 GAM $14.3 Billion Not Disclosed
14 Morgan Stanley Alternative Investment Partners (AIP) $13.2 Billion $17.6 Billion -25.0%
15 Investcorp $13. Billion Not Disclosed
16 Credit Agricole Asset Management $12.39 Billion $20.26 Billion -38.8%
17 Citi Alternative Investments – HFMG $10.48 Billion $11.64 Billion -10.0%
18 Mesirow Advanced Strategies $10.2 Billion $14.8 Billion -31.1%
19 Bank of New York Mellon $9.5 Billion $17.3 Billion -45.1%
20 EIM Group $9.2 Billion $12.4 Billion -25.8%
21 Financial Risk Management (FRM) $9.01 Billion $13.5 Billion -33.3%
22 Notz, Stucki & Cie $9. Billion $19. Billion -52.6%
23 Aurora Investment Management (formerly Harris Alt.) $8.4 Billion $11.8 Billion -28.8%
24 J.P. Morgan Asset Management $8.2 Billion $10.7 Billion -23.4%
25 Arden Asset Management $8.1 Billion $10.9 Billion -25.7%
Rank Group Name Assets Under Management as of June 30, 2009 Assets Under Management as of September 30, 2008 Percent Change
26 Gottex Fund Management $8.07 Billion $13.52 Billion -40.3%
27 Pictet & Cie $7.3 Billion $12. Billion -39.2%
28 K2 Advisors $7.1 Billion $6.9 Billion 2.9%
29 Silver Creek Capital Management $6.8 Billion $8.2 Billion -17.1%
30 LCF Edmond de Rothschild Asset Management $6.7 Billion $7.5 Billion -10.7%
31 RBS Asset Management $6.21 Billion $11.83 Billion -47.5%
32 Fauchier Partners $6.11 Billion $7.76 Billion -21.3%
33 LGT Capital Partners $4.75 Billion $5.7 Billion -16.7%
34 AXA Investment Managers $4.26 Billion $4.64 Billion -8.2%
35 The Archstone Partnerships $4.19 Billion $4.86 Billion -13.8%
36 Aetos Capital $4.04 Billion $5.6 Billion -27.9%
37 Harcourt Investment Consulting $3.9 Billion $5.4 Billion -27.8%
38 Neuberger Berman Alternative Investment Management $3.84 Billion $2.66 Billion 44.4%
39 Pioneer Alternative Investments $3.72 Billion $3.6 Billion 3.3%
40 Cadogan Management $3.65 Billion $6.27 Billion -41.8%
41 Prisma Capital Partners $3.5 Billion $3.7 Billion -5.4%
42 Allianz Alternative Asset Management $3.2 Billion $8.35 Billion -61.7%
43 Protege Partners $3 Billion $3.47 Billion -13.5%
44 Gems Advisors $2.93 Billion $6.7 Billion -56.3%
45 Optimal Investment Services $2.62 Billion $9.94 Billion -73.6%
46 Unigestion $2.6 Billion $3 Billion -13.3%
46 Optima Investment Management $2.6 Billion $3.6 Billion -27.8%
48 International Asset Management Limited (IAM) $2.3 Billion $3.3 Billion -30.3%
48 HDF Finance $2.3 Billion $3.78 Billion -39.2%
50 Stenham Group $2.26 Billion $2.1 Billion 7.6%

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