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monthly performance data, news and analysis for the global hedge fund industry
GlobalBriefingVolume 4 Issue 3 January 2011 A HedgeFund Intelligence publication
AsiaHedge
EuroHedge
HedgeFund Intelligence
Hedge funds gain 8% worldwide in 2010GloBal summaryHedge fund performance lagged the equity markets last year despite
most strategies earning substantial profits in December. The Hedge-
Fund Intelligence Global Composite Index, which tracks nearly 4,000
single-manager hedge funds, produced a median gain of 8.08% in
2010 against an 11.76% rise in the MSCI World Index (net).
Americas, Europe, Asia
Funds in the Americas rose 9.44% in 2010, against a 12.78% gain for
the S&P 500 Index. European funds gained 6.68% against a 3.88% gain
for the MSCI Europe Index (net). Asian funds gained 7.64% against a
rise of 15.92% for the MSCI Pacific Free Index (net).
Event-driven hedge funds were the best performers globally, gaining
10.38% in 2010. Macro funds fell into last place globally, rising only
5.16% for the year.
Hedge funds continue to outperform equity indices over a longer time
span. The global composite was up 102.59% over the past decade,
while the MSCI World Index (net) was up 25.62% and the S&P 500
Index fell 4.74% over the same period.
The performance figures cited in this document are early estimates
that were accurate as of 8am EST on 7 January 2010. For the latest
performance figures, please visit the individual indices (available in
the following pages) on the HedgeFund Intelligence site.
CoNTENTs1 Global summary
2 HFI news, data and research
3 The americas summary
4 Europe summary
5 asia-Pacific summary
6 Funds of hedge funds/investor summary
7 absolute uCITs
8 Growth of hedge fund industry assets
medians meansstrategy Dec-10 yTD Dec-10 yTD
equity 3.05% 7.57% 3.44% 10.28%
macro 0.42% 5.16% 2.03% 7.36%
managed futures 3.65% 8.12% 4.91% 12.65%
event driven 2.74% 10.38% 2.63% 12.95%
emerging market debt 1.79% 10.34% 2.53% 13.38%
emerging market equity 2.04% 8.43% 2.25% 10.63%
HFI Global Composite 2.30 % 8.08% 3.13% 10.48%
GloBal INDICEs (EsT)
%
MSCI World Index - Net
HedgeFund Intelligence Global Index - Macro
HedgeFund Intelligence Global Index - Managed Futures
HedgeFund Intelligence Global Index - Event Driven
HedgeFund Intelligence Global Index - Equity
HedgeFund Intelligence Global Index - Emerging Market Equity
HedgeFund Intelligence Global Index - Emerging Market DebtHedgeFund Intelligence Global Index - Composite
-50
0
50
100
150
200
250
300
350
MSCI The World Index - Net
HedgeFund Intelligence Global Index - Macro
HedgeFund Intelligence Global Index - Managed Futures
HedgeFund Intelligence Global Index - Event Driven
HedgeFund Intelligence Global Index - Equity
HedgeFund Intelligence Global Index - Emerging Market Equity
HedgeFund Intelligence Global Index - Emerging Market Debt
HedgeFund Intelligence Global Index - CompositeDec-10
Dec-09
Dec-08
Dec-07
Dec-06
Dec-05
Dec-04
Dec-03
Dec-02
Dec-01
Dec-00
Dec-99
Dec-98
Dec-97
GlobalBriefing is a free monthly publication To subscribe please go to www.hedgefundintelligence.com/globalbriefing
GloBal ComPosITE mEDIaN INDICEs
for the latest statistics please view the hedgefund intelligence indices
Figures correct as of 7 January 2011
HFI: News, Data & Research
GlobalBriefingEmail info@hedgefundintelligence.comTelephone +44 (0) 20 7779 7330Fax +44 (0) 20 7779 7331Published by HedgeFund Intelligence, Nestor House, Playhouse Yard, London EC4V 5EX
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Hurdle rate Yes/NoHigh water mark Yes/NoFund open? Yes/NoMin investment $X
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noticeLock up X Months
Annualised return X%Annualised std dev X%Sharpe (RFR of 2%) X*since inception
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Prime broker Company name.Administrator Company nameAuditor Company nameLegal advisor Company name
Strategy US EquityAUM Less than $10mCurrency USDDomicile DelawareInception date January 2002This is a sector-specific long/short fund
Drawdown Length Recovery Peak Valley(X%) 13 0 Oct 07 Nov 08(X%) 8 8 Sep 04 May 05(X%) 3 3 Mar 04 Jun 04(X%) 1 2 Jul 07 Aug 07(X%) 5 6 Apr 06 Sep 06
Nuclear-powered Thunder tops the ARdatabase in October
12 November 2010
AR November performance roundup
15 December 2009
Strategy focus - Commodities shine asgold prices soar
5 December 2007
Poof! $35 billion gone from hedgefunds
1 March 2007
Gold: Funds soar on rally
1 March 2006
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Need to know about hedge funds?
Head of research & dataDamian Alexanderdalexander@hedgefundintelligence.comEurope Samantha Munday data@eurohedge.comAmericasAmal Roblehdata@hedgefundintelligence.com
Asia-PacificWing-Yung Lok data@asiahedge.comFunds of Hedge FundsMeera Mehta data@investhedge.comUCITSJack Young data@absoluteucits.com
Managing editor Neil Wilsonnwilson@hedgefundintelligence.com
Online editor (AR) Josh Friedlander
Group publisher John WillisManaging director John OrchardProduction Mark Hills-Haney/Loveday CumingCustomer Services +44 (0) 20 7779 8610customerservices@euromoneyplc.com
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For more information on HedgeFund Intelligence products and services, please contact:
Covering the single-manager hedge fund industry in the Americas
AbsoluteUCITS
Medians MeansStrategy Dec-10 YTD Dec-10 YTD
Mixed Arbitrage Index 0.44% 5.62% 2.10% 9.92%
Commodities Index 3.70% 9.12% 3.02% 15.13%
Convertible & Equity Arbitrage Index 0.57% 10.16% 2.05% 12.45%
Credit Index 1.09% 11.68% 1.25% 14.73%
Distressed Index 1.21% 12.08% 1.50% 12.64%
Event Driven Index 3.14% 13.86% 3.15% 14.99%
Fixed Income Index 0.65% 9.47% 0.75% 10.46%
Global Equity Index 3.01% 8.48% 2.78% 9.96%
Latin American Debt Index 0.26% 5.77% 0.33% 5.71%
Latin American Equity Index 1.31% 9.75% 2.26% 13.08%
Macro Index 0.76% 6.36% 2.07% 9.13%
Managed Futures Index 3.16% 7.58% 4.33% 11.88%
Mortgage Backed Securities Index 1.91% 11.90% 1.91% 16.02%
Multi-Strategy Index 2.64% 9.60% 3.34% 10.89%
Technology Index 2.55% 9.15% 2.47% 11.33%
U.S. Equity Index 2.82% 8.75% 3.40% 13.38%
Absolute Return Composite Index 2.31% 9.44% 3.22% 12.22%
AbSoluTe ReTuRn InDICeS (eST)
%
S&P 500
MSCI World
Absolute Return Composite Index
Absolute Return Global Equity
Absolute Return U.S. Equity
-50
0
50
100
150
200
250
300
350
Absolute Return Composite Index
Absolute Return U.S. Equity Index
Absolute Return Global Equity
MSCI The World
S&P 500
Dec-10
Dec-09
Dec-08
Dec-07
Dec-06
Dec-05
Dec-04
Dec-03
Dec-02
Dec-01
Dec-00
Dec-99
Dec-98
Globalbriefing is a free monthly publication To subscribe please go to www.hedgefundintelligence.com/globalbriefing January 2011 3
AbSoluTe ReTuRn MeDIAn InDICeS vS MSCI woRlD InDex AnD S&P 500
Click the links to view. Subscription required unless noted otherwise.
lATeST newS & AnAlYSIS• Brevan Howard hires D.E. Shaw, Eton Park marketing pro• Tiedemann/Falconer Partners suffers second down year• NYC pension funds hire Aksia to help with initial hedge fund
investments• Caspian to spin out from Mariner• Top 10 hedge fund stories of 2010• The greatest hits of 2010• AR Database Top 40: 2010 • Ex-Ramius analyst starts new funds • Resurgent Autonomy Capital clocks big gains in tepid year
for macro• Loeb to Obama supporters: He’s just not that into you!
FEATURES & PROFILES• Aging hedge funds grapple with succession planning• Jamie Dinan’s dream• New Mexico boosts its bet• A passion for music: Roy Niederhoffer backs the Harmony
Program
COMMENTARY (FREE)• Brazil: Beyond iron ore, oil and pulp• Hedge fund IRR has been pathetic
RESEARCH & RANkINgS• Funds to Watch: AR's pick of tomorrow's superstars• Billion Dollar Club: Our comprehensive list of all Americas-based
hedge fund firms managing $1 billion or more in assets• Hedge Fund Report Card: York comes out on top• New Funds Survey: Assets garnered by new funds nearly tripled
to $10.9 billion in the first half of 2010• Philanthropy: Demand for aid went up during the recession—at
the same time growth of hedge fund philanthropy slowed• Prime brokerage: Charting the historic shake up in prime broker
market share
Ian Sanderson (US/Europe)isanderson@hedgefundintelligence.com+44 (0) 20 7779 7339
James Barfield (US/Europe)jbarfield@hedgefundintelligence.com +44 (0) 20 7779 7336
Robert Ball (Asia Pacific)rball@hedgefundintelligence.com+852 2842 6996 1473 3153
For more information on HedgeFund Intelligence products and services, please contact:
editorial contacts
Michelle Celarier, Editor, AR Magazine, mcelarier@absolutereturn.net
Josh Friedlander, Online editor, AR Magazine, jfriedlander@absolutereturn.net
Americas funds gain 2.3% in December
For the latest statistics please view the Absolute Return indices
Figures correct as of 7 January 2011
GlobalBriefing is a free monthly publication To subscribe please go to www.hedgefundintelligence.com/globalbriefing January 2011 4
Covering the single-manager hedge fund industry in Europe
AbsoluteUCITS
Click the links to view. Subscription required unless noted otherwise.
LATEST NEWS & ANALySiS• Hoare steps down as GLC CEO, Went and Banner promoted• BlueCrest hires new head of global EM research and strategy• RAB absorbs Park Place to bolster European long/short equity• RWC lines up macro launch for former Threadneedle managers• CTAs ride the year-end wave as returns rally across the board• Nevsky stars start again with Europe-biased global equity fund• BTG Pactual races to $1.2bn with global EM and macro vehicle• Macro specialist Lombard Street teams with Key for fund debut• CQS to soft-close Hintze's high-flying Directional Opportunities• UK long/short equity veteran Findley set to spin out from Moore
FEATURES & FUND PROFILES• Sweden's Brummer & Partners: local and global pioneer• Camargue rides wild terrain to build platform for growth• Blue Skye's niche players open new vistas for investors• Huge pay day as event activist Audley turns coal to gold• European Credit Management starts special sits strategy• ABC Arbitrage builds fund range off prop trading success• Long-standing macro player Tanglin back on the front foot
COMMENT (FREE)• Gartmore shows difficulty of creating lasting equity value• Do hedge funds really need funds of funds?
PERFORMANCE• Buoyant conditions boost long/short equity numbers• Macro winners and losers split as dispersion continues• EM debt/equity specialists keep strong returns coming
EUROHEDGE AWARDS • Top contenders emerge after another challenging year
Medians MeansStrategy Dec-10 YTD Dec-10 YTDEuropean Equity USD 2.50% 6.22% 3.85% 8.62%European Equity GBP 4.83% 8.87% 2.69% 7.92%European Equity EUR 2.22% 6.83% 3.03% 8.80%Macro USD 0.00% 4.95% 1.66% 6.33%Fixed Income USD -0.17% 6.54% -0.38% 7.69%Global Equity USD 5.13% 7.34% 4.69% 7.26%Managed Futures USD 3.73% 9.89% 6.76% 14.15%Credit USD -1.05% 7.41% -0.72% 8.92%Currency -0.46% 2.71% 0.63% 5.65%Event Driven USD 1.19% 4.91% 1.80% 11.08%Mixed Arbitrage & Multi Strategy USD 1.94% 7.54% 2.59% 9.94%Equity Market Neutral & 0.75% 4.93% 0.76% 4.25% Quantitative Strategies USDConvertible & Equity Arbitrage USD 2.28% 12.58% 1.56% 12.71%Emerging Market Debt USD 4.08% 12.01% 3.26% 10.55%Emerging Market Equity USD 3.34% 11.87% 3.70% 11.02%Composite 2.23% 6.68% 3.22% 8.74%
EUROHEDGE INDICES (EST)
%
MSCI Europe - Net
EuroHedge Global Equity USD IndexEuroHedge Macro USD IndexEuroHedge Fixed Income USD Index
EuroHedge Managed Futures USD Index
EuroHedge European Long/Short Equity EUR IndexEuroHedge Composite Index
-50
0
50
100
150
200MSCI Europe - Net
EuroHedge Composite Index
EuroHedge European Equity EUR Index
EuroHedge Managed Futures USD Index
EuroHedge Fixed Income USD Index
EuroHedge Macro USD Index
EuroHedge Global Equity USD Index
Dec-10
Dec-09
Dec-08
Dec-07
Dec-06
Dec-05
Dec-04
Dec-03
Dec-02
Dec-01
Dec-00
Dec-99
EUROHEDGE MEDIAN INDICES vS MSCI EUROPE
For the latest statistics please view the EuroHedge indices
Editorial contacts
Nick Evans, Editor, EuroHedge, nevans@hedgefundintelligence.com
Robert Murray, Associate editor, EuroHedge, rmurray@hedgefundintelligence.com
Ian Sanderson (US/Europe)isanderson@hedgefundintelligence.com+44 (0) 20 7779 7339
James Barfield (US/Europe)jbarfield@hedgefundintelligence.com +44 (0) 20 7779 7336
Robert Ball (Asia Pacific)rball@hedgefundintelligence.com+852 2842 6996 1473 3153
For more information on HedgeFund Intelligence products and services, please contact:
European funds beat MSCI benchmark
Figures correct as of 7 January 2011
GlobalBriefing is a free monthly publication To subscribe please go to www.hedgefundintelligence.com/globalbriefing January 2011 5
Covering the single-manager hedge fund industry in the Asia-Pacific
AbsoluteUCITS
Medians MeansStrategy Dec-10 YTD Dec-10 YTD
Asia including Japan USD 2.55% 6.83% 3.21% 7.87%
Asia excluding Japan USD 2.06% 10.07% 2.50% 11.97%
Chinese Equity 0.05% 4.97% 0.70% 6.81%
Indian Equity 2.04% 10.66% 1.40% 13.13%
Japanese Equity USD 3.71% 6.15% 4.64% 6.40%
Japanese Equity JPY 3.88% 7.58% 4.04% 5.31%
Australian Equity AUD 3.41% 6.34% 3.41% 11.31%
AsiaHedge Composite 2.46% 7.64% 2.79% 9.45%
ASiAHeDge inDiCeS (eST)
%
MSCI Pacific Free NetAsiaHedge Composite IndexAsiaHedge Japanese Equity Index USDAsiaHedge Asia including Japan Index USDAsiaHedge Asia excluding Japan Index USD
-60
-30
0
30
60
90
120
150MSCI Pacific Free Net
AsiaHedge Composite Index
AsiaHedge Japanese Equity Index USD
AsiaHedge Asia including Japan Index USD
AsiaHedge Asia excluding Japan Index USD
Dec-10
Dec-09
Dec-08
Dec-07
Dec-06
Dec-05
Dec-04
Dec-03
Dec-02
Dec-01
Dec-00
Dec-99
equiTY BenCHMArkSBenchmark index Dec-10 YTD
MSCI Pacific Free Net 7.60% 15.92%
MSCI Pacific ex Japan 7.56% 16.91%
China Shanghai Composite Index -0.43% -14.31%
Sensex 5.06% 17.43%
TOPIX 4.50% 0.96%
Nikkei 225 2.94% -3.01%
Australian All Ordinaries 3.65% -0.73%
Hang Seng 0.12% 5.32%
ASiAHeDge MeDiAn inDiCeS vS MSCi pACifiC free
editorial contacts
Aradhna Dayal, Editor, AsiaHedge, aradhna@hedgefundintelligence.com
Yvonne Chan, Senior writer, AsiaHedge, ychan@hedgefundintelligence.com
Ian Sanderson (US/Europe)isanderson@hedgefundintelligence.com+44 (0) 20 7779 7339
James Barfield (US/Europe)jbarfield@hedgefundintelligence.com +44 (0) 20 7779 7336
Robert Ball (Asia Pacific)rball@hedgefundintelligence.com+852 2842 6996 1473 3153
for more information on Hedgefund intelligence products and services, please contact:
Click the links to view. Subscription required unless noted otherwise.
LATeST neWS & AnALYSiS• Value Partners outlines global management ambitions • GLG-Man eyes dedicated Asia/emerging markets hedge fund
strategy• Hsu’s Kilometre goes the distance with strong returns • Brummer makes Asia push with event-driven strategy • CAI makes its mark in Asian multi-strat space • Artradis’ Diggle sets up family office under Vulpes moniker • Fortress’s Levinson mulls move to Singapore • Hillhouse plans Hong Kong office • Dark pools emerge as a key force in Asia
feATureS & prOfiLeS• 2011: A curtain raiser • What next for the renminbi?• Where do the 2009 start-ups stand?
COMMenT (free)• Will Asia deliver the next generation of global hedge fund
brands?
inDuSTrY AnALYSiS• Asia-Pacific assets edge up slightly to $138 billion
Asian funds end on a high but lag indices
For the latest statistics please view the AsiaHedge indices
Figures correct as of 7 January 2011
GlobalBriefing is a free monthly publication To subscribe please go to www.hedgefundintelligence.com/globalbriefing January 2011 6
Covering the global fund of funds industry
AbsoluteUCITS
Medians MeansStrategy Nov-10 YTD Nov-10 YTD
Arbitrage USD Index 0.23% 3.72% 0.22% 2.91%
Asian Pacific Fund of Funds Index 0.05% 1.61% 0.11% 1.60%
Asset Based Lending Index 0.18% 3.73% 0.18% 1.85%
Commodities Index -0.39% 1.41% -0.22% 2.98%
Distressed Index 0.35% 5.44% 0.34% 5.36%
Emerging Managers Index 0.73% 3.93% 0.49% 3.15%
Emerging Markets Hedge USD Index -0.40% 3.72% -0.44% 5.15%
European Equity EUR Index 0.28% 2.00% 0.36% 1.82%
European Multi Strategy EUR Index -0.38% 2.39% -0.49% 1.98%
Fixed Income USD Index -0.17% 7.02% -0.22% 7.34%
Global Equity USD Index 0.27% 3.07% 0.27% 3.47%
Global Macro Currency USD Index -1.14% 2.99% -1.02% 3.82%
Global Multi Strategy EUR Index -0.04% 1.73% -0.02% 1.96%
Global Multi Strategy USD Index 0.02% 3.11% -0.02% 3.41%
Leveraged Global Multi-Strategy USD Index -0.12% 5.44% -1.46% 6.09%
US Equity Index 0.68% 4.33% 0.43% 4.96%
Composite Index 0.00% 2.97% -0.10% 3.31%
INveSTheDge INDICeS
%
MSCI The World Index – NetInvestHedge Leveraged Global Multi-Strategy USDInvestHedge Global Multi-Strategy USDInvestHedge Global Equity USDInvestHedge European Multi-Strategy EURInvestHedge European Equity EURInvestHedge Composite
-30
-20
-10
0
10
20
30
40
50
60
70
80
Nov-10
Nov-09
Nov-08
Nov-07
Nov-06
Nov-05
Nov-04
INveSTheDge MeDIaN INDICeS vS MSCI WorlD
editorial contacts
Niki Natarajan, Editor, InvestHedge, niki@hedgefundintelligence.com
Susan Barreto, Deputy editor, InvestHedge, sbarreto@hedgefundintelligence.com
Ian Sanderson (US/Europe)isanderson@hedgefundintelligence.com+44 (0) 20 7779 7339
James Barfield (US/Europe)jbarfield@hedgefundintelligence.com +44 (0) 20 7779 7336
Robert Ball (Asia Pacific)rball@hedgefundintelligence.com+852 2842 6996 1473 3153
For more information on hedgeFund Intelligence products and services, please contact:
Click the links to view. Subscription required unless noted otherwise.
laTeST NeWS & aNalYSIS• Cambridge Associates looks for opportunities in less developed
markets • PennSERS halves hedge fund allocation • Apollo teams up with Lighthouse • Mercer analyses fund of fund fees • Frick to take CEO role at Unigestion • Pension funding woes grow in Illinois • Kentucky Retirement System hires new CIO • New Jersey searches for specialist consultants • Metal Box ups direct investments • CalSTRS may opt for Lyxor’s managed accounts
FEATURES & PROFILES• Chicago Police serve and protect pensions via hedge fund
mindset• AP1 aligns its ethical standards with hedge fund investments
CoMMeNT (Free)• FoHFs and the art of truffle hunting
INdUSTRy ANALySIS• Signet teams up with Wilshire as transparency tops the
action list• doing the due diligence detective work• Public pensions tout fee/lock-up concessions• PAAMCO Founders mulls options after order to prepare 40%
equity certificate for new owner
Funds of funds grind out gains in all areas
For the latest statistics please view the InvestHedge indices
GlobalBriefing is a free monthly publication To subscribe please go to www.hedgefundintelligence.com/globalbriefing January 2011 7
%
MSCI Europe - NetHedgeFund Intelligence Global Index - Composite HedgeFund Intelligence Global Index – UCITSEuroHedge European Equity EUR Index (Median)EuroHedge UCITS European Equity Index (Median)
-50
-40
-30
-20
-10
0
10
20
30
MSCI Europe - Net
HedgeFund Intelligence Global Index - Composite
Absolute UCITS Single Manager Composite Index
EuroHedge European Equity EUR Index (Median)
Absolute UCITS European Equity Index
Dec-10
Dec-09
Dec-08
Dec-07
Dec-06
UCITS INDICES VS EUROHEDGE EUROPEAN EQUITY AND MSCI EUROPE
Medians MeansStrategy Dec-10 YTD Dec-10 YTD
Absolute UCITS European Equity Index 2.46% 4.45% 2.32% 6.23%
EuroHedge European Equity EUR Index 2.22% 6.83% 3.03% 8.80%
Absolute UCITS Single Manager Composite Index 1.13% 3.75% 1.92% 4.95%
HedgeFund Intelligence Global Index - Composite 2.30% 8.08% 3.13% 10.44%
DECEMBER UCITS PERFORMANCE INDICES
EQUITY BENCHMARKSBenchmark index Dec-10 YTD
MSCI Europe - Net 5.45% 6.83%
FTSE 100 (London) 6.72% 9.00%
DAX (Frankfurt) 3.37% 16.06%
AbsoluteUCITS
Editorial contacts
Joy Dunbar, Editor, AbsoluteUCITS, jdunbar@hedgefundintelligence.com
Ian Sanderson (US/Europe)isanderson@hedgefundintelligence.com+44 (0) 20 7779 7339
James Barfield (US/Europe)jbarfield@hedgefundintelligence.com +44 (0) 20 7779 7336
Robert Ball (Asia Pacific)rball@hedgefundintelligence.com+852 2842 6996 1473 3153
For more information on HedgeFund Intelligence products and services, please contact:
Click the links to view. Subscription required unless noted otherwise.
LATEST NEWS & ANALYSIS• Cazenove reopens UK equity fund • First gold UCITS fund launches• Deutsche Bank teams up with Paulson for UCITS• Bank of America Merrill Lynch launches Irish platform• Sandell AM mulls second UCITS hedge fund launch • Fusion launches UCITS cash management vehicle
FEATURES & PROFILES• China to pave the way for second wave of UCITS launches,
says Galaxy
COMMENT (FREE) • UCITS hedge funds head East • Platforms: help or hindrance? • Is the Luxembourg regulator too slow?
INDUSTRY ANALYSIS• The UCITS hedge funds industry to top more than a trillion
dollars, report says • Société Générale offers alternative to platform route• AIFMD will split the industry into two, says NewFinance Capital • Shorting of equities should be allowed in UCITS, says consultant
Tracking error leaves UCITS funds trailing
For the latest statistics please view the Absolute UCITS indices
Figures correct as of 7 January 2011
Global hedge fund assets
Source: HedgeFund Intelligence
Ass
ets
$bn
0
500
1,000
1,500
2,000
2,500
3,000Global hedge fund assets (est)
20012002
20032004
20052006
20072008
2009
1H 2010
Fund of funds assets (InvestHedge FoF Billion Dollar Club)
1H 20102009
20082007
20062005
20042003
20022001
FUND OF FUNDS ASSETS VS TOTAl GlOBAl ASSETS
Growth of the global hedge fund industry
HedgeFund Intelligence compiles global asset data from its databases and surveys. The firm-specific figures, which are verified on a firm-by-firm basis, result in the most painstaking and accurate survey of its kind.
To discuss the methodology of the Global Billion Dollar Club, please
contact any of our editors.Nick Evans, Editor, EuroHedge, nevans@hedgefundintelligence.comAradhna Dayal, Editor, AsiaHedge, aradhna@hedgefundintelligence.comNiki Natarajan, Editor, InvestHedge, niki@hedgefundintelligence.comMichelle Celarier, Editor, AR Magazine, mcelarier@absolutereturn.net
GlobalBriefing is a free monthly publication To subscribe please go to www.hedgefundintelligence.com/globalbriefing January 2011 8
ThE GlOBAl BilliON DOllAr clUB jUly 2010¹location AUM ($) Number of firms % total assets % total fundsNY, USA 706.44 124 46.03 39.49London, UK 238.82 52 15.56 16.56CT, USA 168.1 25 10.95 7.96CA, USA 70.03 16 4.56 5.10MA, USA 89.48 12 5.83 3.82Hong Kong 13.47 10 0.88 3.18TX, USA 25.59 8 1.67 2.55NJ, USA 25.32 5 1.65 1.59Sydney, Australia 19.67 5 1.28 1.59MN, USA 16.53 5 1.08 1.59Singapore 6.15 5 0.40 1.59IL, USA 22.05 4 1.44 1.27Paris, France 15.39 4 1.00 1.27Hamilton, Bermuda 11.22 4 0.73 1.27Stockholm, Sweden 14.34 3 0.93 0.96WI, USA 9.85 3 0.64 0.96Rio de Janeiro, Brazil 5.13 3 0.33 0.96Toronto, Canada 4.14 3 0.27 0.96Tokyo, Japan 3.92 3 0.26 0.96GA, USA 11.84 2 0.77 0.64PA, USA 11.79 2 0.77 0.64São Paulo, Brazil 10.31 2 0.67 0.64Other 35.28 14 2.30 4.46Total 1,534.86 302* 100 100*De-duplicated to account for groups with more than one official location ¹Single-manager funds (not including fund of funds)Source: HedgeFund Intelligence Database
US NEw hEDGE FUNDS h1 2004 – h1 2010 Number of funds (assets over $50m) Assets raised $mH1 2004 34 5,810H1 2005 42 6,371H1 2006 38 6,567H1 2007 49 13,324H1 2008 28 10,382H1 2009 17 3,731H1 2010 33 7,697
EUrOpEAN NEw hEDGE FUNDS h1 2004 – h1 2010 Number of funds Assets raised $mH1 2004 128 9,430H1 2005 150 13,095H1 2006 172 11,437H1 2007 189 15,545H1 2008 106 10,841H1 2009 47 2,089H1 2010 58 3,752
ASiAN NEw hEDGE FUNDS h1 2005 – h1 2010 Number of funds Assets raised $mH1 2005 65 3,878H1 2006 70 3,304 H1 2007 74 5,701H1 2008 50 2,549H1 2009 39 1,120H1 2010 53 2,127Source: HedgeFund Intelligence
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