hfi global briefing - february 2011

8/7/2019 HFI Global Briefing - February 2011

1/8

monthly performance data, news and analysis for the global hedge fund industry

GlobalBiefngVolume 4 Issue 4 February 2011 A HedgeFund Intelligence publication

HedgeFundIntelligence

January proves a difcult start to the yearGloBal summary

Hedge unds have entered 2011 with restrained perormance, as most

strategies inched orward only slightly in January. The HedgeFund

Intelligence Global Composite Index, which tracks nearly 4,000

single-manager hedge unds, produced a median gain o 0.28% in

January against a 2.26% rise in the MSCI World Index (net).

aeic, Epe, ai

Funds in the Americas rose 0.48% in January, against a 2.26% gain or

the S&P 500 Index. European unds gained 0.14% against a 3.94% gain

or the MSCI Europe Index (net). Asian unds gained 0.31% against a

decline o 0.36% or the MSCI Pacifc Free Index (net).

Event-driven hedge unds were the best perormers globally, gaining

0.75% in January. Emerging-market equity unds ell into last place

globally, dropping 1.17% or the month.

Hedge und perormance this January is not out o line with previous

years. In 2010, the Global Composite Index was up 0.09%, easily

beating a 3.7% decline in the S&P 500 Index. With its 2.26% gain last

month, the S&P 500 Index produced its best January since its 2.55%

rise in the frst month o 2006.

The perormance fgures cited in this document are early estimates

that were accurate as o 1pm GMT/8am EST on 7 February 2011. For

the latest perormance fgures, please visit the individual indices

(available in the ollowing pages) on the HedgeFund Intelligence site.

CoNTENTs1 Gb

2 HFI news, data and research

3 The aeic

4 Epe

5 ai-Pcifc

6 Fnd hedge nd/invet

7 abte uCITs

8 Gwth hedge nd indt et

median meanstrateg Jan-11 yTD Jan-11 yTD

equity 0.24% 0.24% 0.02% 0.02%

macro -0.40% -0.40% -1.49% -1.49%

manag futurs -0.38% -0.38% -0.85% -0.85%

evnt drivn 0.75% 0.75% 1.05% 1.05%

erging markt dbt -1.03% -1.03% -1.57% -1.57%

erging markt equity -1.17% -1.17% -1.02% -1.02%

HFI Global Copoite 0.28% 0.28% -0.13% -0.13%

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 Debt

HedgeFund Intelligence Global Index - Composite

-5

0

5

10

15

20

Jan-11

Dec-1

0

Nov-1

0

Oct-1

0

Sep-10

Aug-10

Jul-1

0

Jun-10

May-1

0

Apr-10

Mar-10

Feb-10

Jan-10

GlobalBriefngi ee nth pbictin To subscribe please go to www.hedgeundintelligence.com/globalbriefng

GloBal ComPosITE mEDIaN INDICEs

f v hf i

Figures correct as of 7 February 2011
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3/8

Covering the single-manager hedge

und industry in the Americas

Medians MeansStrategy Jan-11 YTD Jan-11 YTD

Mixed Arbitrage Index 0.54% 0.54% 0.56% 0.56%

Commodities Index 2.36% 2.36% 1.43% 1.43%

Convertible & Equity Arbitrage Index 1.46% 1.46% 1.93% 1.93%

Credit Index 1.45% 1.45% 1.59% 1.59%

Distressed Index 2.50% 2.50% 2.27% 2.27%

Event Driven Index 1.90% 1.90% 1.59% 1.59%

Fixed Income Index 0.44% 0.44% 0.69% 0.69%

Global Equity Index 0.44% 0.44% 0.34% 0.34%

Latin American Debt Index -0.26% -0.26% -0.21% -0.21%

Latin American Equity Index -1.06% -1.06% -2.03% -2.03%

Macro Index -0.39% -0.39% -2.06% -2.06%

Managed Futures Index -0.38% -0.38% -1.06% -1.06%

Mortgage Backed Securities Index 2.81% 2.81% 2.36% 2.36%

Multi-Strategy Index 1.60% 1.60% 1.47% 1.47%

Technology Index 1.58% 1.58% 1.75% 1.75%

US Equity Index 0.31% 0.31% 0.28% 0.28%

Composite Index 0.48% 0.48% -0.10% -0.10%

abSoluTe reTurn InDICeS (eST)

%

S&P 500

MSCI World

Absolute Return Composite Index

Absolute Return Global Equity

Absolute Return U.S. Equity

-10

-5

0

5

10

15

20

Jan-11

Dec-1

0

Nov-1

0

Oct-1

0

Sep-10

Aug-10

Jul-1

0

Jun-10

May-1

0

Apr-10

Mar-10

Feb-10

Jan-10

Globalbriefngis f mthy picti To subscribe please go to www.hedgeundintelligence.com/globalbriefng February 2011 3

abSoluTe reTurn MeDIan InDICeS vSMSCI worlD InDex anD S&P 500

Click the links to view. Subscription required unless noted otherwise.

laTeST newS & analYSIS Shumway to return all outside capital: Full Letter

Credit Suisse funds of funds chief departs

David Tepper joins Robin Hood board, mulls donating majority of

ft

So-so year for stars D.E. Shaw, Brevan Howard

HBK rebounds

Tim Barakett backs Duma's macro fund relaunch

Investors pulled $2.2 billion from Paulson in 2010

Basswood to launch financials fund

SAC, Fortress and GoldenTree push up Manhattan office rents

Bridgewater reaches $3 billion in new fund

FEATURES & PROFILES The reckoning of Centaurus billionaire John Arnold

Taking a closer look at the experts: Hedge funds scrutinize reearch

fims

The new tech boom? Investors want to party like its 1999but

navigating the markets will be tricky

ABS 2.0: Waterfall Asset Management returns to its roots

COMMENTARY (FREE)

Groundhog Day: Will the retail consumer see his shadow? Bluster and luster: Dont join the gold rush

RESEARCH & RANKINGS New Hope for New Funds: New American hedge funds garnered

$17.40 billion in 2010a 17% gain over the previous year

New Funds Survey: Assets garnered by new funds nearly tripled

to $10.9 billion in the first half of 2010

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

Philanthropy: Demand for aid went up during the recessionatthe same time growth of hedge fund philanthropy slowed

Prime brokerage: Charting the historic shake up in prime broker

market share

Ian Sanderson (US/Europe)

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For more information on HedgeFund Intelligence products and services, please contact:

editi ctcts

Michelle Celarier, Editor, AR Magazine, [email protected]

Josh Friedlander, Online editor,AR Magazine, [email protected]

Funds struggle to keep up with equities

For the latest statistics please view the Absolute Return indices



4/8GlobalBriefngs a free monthl publcaton To subscribe please go to www.hedgeundintelligence.com/globalbriefng February 2011 4

Covering the single-manager

hedge und industry in Europe


LATEST NEWS & ANALySiS SEB seeds ex-Mizuho fixed-income team in Oington launch

Finisterre adds in-house counsel and moes COO to London

Source rolls out Man GLG broker-ideas fund in ETF format

Deutsche and Traxis team up for equity macro UCITS launch

Attias leaes Rubicon as founder Brewer resumes CEO role

New launch pace picks up as confidence starts to flow

Industry recoery quickens as 2010 finishes on a high

Armajaro to add macro-style resources equity fund with

ex-Salomon, Brean man Glinsman

Pendragon founders up and running again in eent-drien

FEATURES & FUND PROFILES AIMA keeps up pressure on AIFMD as Leel 2 work begins

BTG Pactual aims high as global macro/EM fund races to $1.5bn

RAB Energy duo dig deep to extract alue, bounce back from

2008 blow

Episode rides risk on/risk off macro wae

Wermuth climbs back after 2008 meltdown

Prior & Nilssons Nordic-focused Idea equity strategy accelerates

following bumper 2010

COMMENT (FREE) Cautious optimism for 2011 as tough 2010 ends on strong note

PERFORMANCE Decent December rounds off olatile equity year

Market-neutral and quantitatie funds finish up with modest

monthl gans

Global equity managers end 2010 with punchy numbers

EUROHEDGE AWARDS CQS and BlueCrest lead 2010 EuroHedge Awards winners

Medians MeansStrategy Jan-11 YTD Jan-11 YTDEuropean Equity USD -0.56% -0.56% -0.80% -0.80%

European Equity GBP 0.50% 0.50% 1.42% 1.42%

European Equity EUR -0.15% -0.15% -0.01% -0.01%

Macro USD -1.37% -1.37% -0.96% -0.96%

Fixed Income USD 0.62% 0.62% 0.79% 0.79%

Global Equity USD -0.58% -0.58% -0.43% -0.43%

Managed Futures USD -0.52% -0.52% -0.93% -0.93%

Credit USD 1.47% 1.47% 1.38% 1.38%

Currency 0.91% 0.91% 0.55% 0.55%

Event Driven USD -0.25% -0.25% 0.09% 0.09%

Mixed Arbitrage & Multi Strategy USD 1.15% 1.15% 1.37% 1.37%

Equity Market Neutral & -0.78% -0.78% -1.21% -1.21%

Quantitative Strategies USD

Convertible & Equity Arbitrage USD 2.70% 2.70% 2.51% 2.51%

Emerging Market Debt USD -1.06% -1.06% -2.03% -2.03%

Emerging Market Equity USD 0.75% 0.75% 0.49% 0.49%

Composite 0.14% 0.14% -0.10% -0.10%

EUROHEDGE INDICES (EST)

%

MSCI Europe - Net

EuroHedge Global Equity USD Index

EuroHedge Macro USD Index

EuroHedge Fixed Income USD Index

EuroHedge Managed Futures USD Index

EuroHedge European Long/Short Equity EUR Index

EuroHedge Composite Index

-6

-3

0

3

6

9

12

15

Ja

n-11

Dec-1

0

Nov-10

Oct-1

0

Sep-10

Aug-10

Ju

l-10

Jun-10

May-1

0

Ap

r-10

Ma

r-10

Feb-10

Jan-10

EUROHEDGE MEDIAN INDICES vS MSCI EUROPE

For the latest statistics please view theEuroHedge indices

Editorial contacts

Nick Evans, Editor,EuroHedge,[email protected]

Robert Murray, Associate editor,EuroHedge,[email protected]


[email protected]

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For more information on HedgeFund Intelligence products and serices, please contact:

Composite clings on to positive results

http://www.hedgefundintelligence.com/globalbriefinghttp://www.hedgefundintelligence.com/Article/2761341/EuroHedge-News/SEB-seeds-ex-Mizuho-fixed-income-team-in-Ovington-launch.html?LS=GlobalBriefinghttp://www.hedgefundintelligence.com/Article/2761342/EuroHedge-News/Finisterre-adds-in-house-counsel-and-moves-COO-to-London.html?LS=GlobalBriefinghttp://www.hedgefundintelligence.com/Article/2761343/EuroHedge-News/Source-rolls-out-Man-GLG-broker-ideas-fund-in-ETF-format.html?LS=GlobalBriefinghttp://www.hedgefundintelligence.com/Article/2761344/EuroHedge-News/Deutsche-and-Traxis-team-up-for-equity-macro-UCITS-launch.html?LS=GlobalBriefinghttp://www.hedgefundintelligence.com/Article/2757010/EuroHedge-News/Attias-leaves-Rubicon-as-founder-Brewer-resumes-CEO-role.html?LS=GlobalBriefinghttp://www.hedgefundintelligence.com/Article/2755030/EuroHedge-News/New-launch-pace-picks-up-as-confidence-starts-to-flow.html?LS=GlobalBriefinghttp://www.hedgefundintelligence.com/Article/2755031/EuroHedge-News/Industry-recovery-quickens-as-2010-finishes-on-a-high.html?LS=GlobalBriefinghttp://www.hedgefundintelligence.com/Article/2755032/EuroHedge-News/Armajaro-to-add-macro-style-resources-equity-fund-with-ex-Salomon-Brevan-man-Glinsman.html?LS=GlobalBriefinghttp://www.hedgefundintelligence.com/Article/2755032/EuroHedge-News/Armajaro-to-add-macro-style-resources-equity-fund-with-ex-Salomon-Brevan-man-Glinsman.html?LS=GlobalBriefinghttp://www.hedgefundintelligence.com/Article/2755033/EuroHedge-News/Pendragon-founders-up-and-running-again-in-event-driven.html?LS=GlobalBriefinghttp://www.hedgefundintelligence.com/Article/2755037/EuroHedge/AIMA-keeps-up-pressure-on-AIFMD-as-Level-2-work-begins.html?LS=GlobalBriefinghttp://www.hedgefundintelligence.com/Article/2755038/EuroHedge/BTG-Pactual-aims-high-as-global-macroEM-fund-races-to-15bn.html?LS=GlobalBriefinghttp://www.hedgefundintelligence.com/Article/2755042/EuroHedge/RAB-Energy-duo-dig-deep-to-extract-value-bounce-back-from-2008-blow.html?LS=GlobalBriefinghttp://www.hedgefundintelligence.com/Article/2755042/EuroHedge/RAB-Energy-duo-dig-deep-to-extract-value-bounce-back-from-2008-blow.html?LS=GlobalBriefinghttp://www.hedgefundintelligence.com/Article/2755044/EuroHedge/Episode-rides-risk-onrisk-off-macro-wave.html?LS=GlobalBriefinghttp://www.hedgefundintelligence.com/Article/2755039/EuroHedge-Profiles/Wermuth-climbs-back-after-2008-meltdown.html?LS=GlobalBriefinghttp://www.hedgefundintelligence.com/Article/2755040/EuroHedge-Profiles/Prior-and-Nilssons-Nordic-focused-Idea-equity-strategy-accelerates-following-bumper-2010.html?LS=GlobalBriefinghttp://www.hedgefundintelligence.com/Article/2755040/EuroHedge-Profiles/Prior-and-Nilssons-Nordic-focused-Idea-equity-strategy-accelerates-following-bumper-2010.html?LS=GlobalBriefinghttp://www.hedgefundintelligence.com/Article/2755029/EuroHedge-Blogs/Cautious-optimism-for-2011-as-tough-2010-ends-on-strong-note.html?LS=GlobalBriefing?LS=GlobalBriefinghttp://www.hedgefundintelligence.com/Article/2755047/EuroHedge-Performance/Decent-December-rounds-off-volatile-equity-year.html?LS=GlobalBriefinghttp://www.hedgefundintelligence.com/Article/2755048/EuroHedge-Performance/Market-neutral-and-quantitative-funds-finish-up-with-modest-monthly-gains.html?LS=GlobalBriefinghttp://www.hedgefundintelligence.com/Article/2755048/EuroHedge-Performance/Market-neutral-and-quantitative-funds-finish-up-with-modest-monthly-gains.html?LS=GlobalBriefinghttp://www.hedgefundintelligence.com/Article/2755049/EuroHedge-Performance/Global-equity-managers-end-2010-with-punchy-numbers.html?LS=GlobalBriefinghttp://www.hedgefundintelligence.com/Article/2757008/EuroHedge-News/CQS-and-BlueCrest-lead-2010-EuroHedge-Awards-winners.html?LS=GlobalBriefinghttp://www.hedgefundintelligence.com/Article/2755040/EuroHedge-Profiles/Prior-and-Nilssons-Nordic-focused-Idea-equity-strategy-accelerates-following-bumper-2010.html?LS=GlobalBriefinghttp://www.hedgefundintelligence.com/Database-EuroHedge-Indices-Performance.htmlmailto:nevans%40hedgefundintelligence.com?subject=Global%20Briefingmailto:nevans%40hedgefundintelligence.com?subject=Global%20Briefingmailto:rmurray%40hedgefundintelligence.com?subject=Global%20Briefingmailto:isanderson%40hedgefundintelligence.com?subject=Global%20Briefingmailto:jbarfield%40hedgefundintelligence.com?subject=Global%20Briefingmailto:rball%40hedgefundintelligence.com?subject=Global%20Briefingmailto:rball%40hedgefundintelligence.com?subject=Global%20Briefingmailto:jbarfield%40hedgefundintelligence.com?subject=Global%20Briefingmailto:isanderson%40hedgefundintelligence.com?subject=Global%20Briefingmailto:rmurray%40hedgefundintelligence.com?subject=Global%20Briefingmailto:nevans%40hedgefundintelligence.com?subject=Global%20Briefinghttp://www.hedgefundintelligence.com/Database-EuroHedge-Indices-Performance.htmlhttp://www.hedgefundintelligence.com/Article/2757008/EuroHedge-News/CQS-and-BlueCrest-lead-2010-EuroHedge-Awards-winners.html?LS=GlobalBriefinghttp://www.hedgefundintelligence.com/Article/2755049/EuroHedge-Performance/Global-equity-managers-end-2010-with-punchy-numbers.html?LS=GlobalBriefinghttp://www.hedgefundintelligence.com/Article/2755048/EuroHedge-Performance/Market-neutral-and-quantitative-funds-finish-up-with-modest-monthly-gains.html?LS=GlobalBriefinghttp://www.hedgefundintelligence.com/Article/2755048/EuroHedge-Performance/Market-neutral-and-quantitative-funds-finish-up-with-modest-monthly-gains.html?LS=GlobalBriefinghttp://www.hedgefundintelligence.com/Article/2755047/EuroHedge-Performance/Decent-December-rounds-off-volatile-equity-year.html?LS=GlobalBriefinghttp://www.hedgefundintelligence.com/Article/2755029/EuroHedge-Blogs/Cautious-optimism-for-2011-as-tough-2010-ends-on-strong-note.html?LS=GlobalBriefing?LS=GlobalBriefinghttp://www.hedgefundintelligence.com/Article/2755040/EuroHedge-Profiles/Prior-and-Nilssons-Nordic-focused-Idea-equity-strategy-accelerates-following-bumper-2010.html?LS=GlobalBriefinghttp://www.hedgefundintelligence.com/Article/2755040/EuroHedge-Profiles/Prior-and-Nilssons-Nordic-focused-Idea-equity-strategy-accelerates-following-bumper-2010.html?LS=GlobalBriefinghttp://www.hedgefundintelligence.com/Article/2755039/EuroHedge-Profiles/Wermuth-climbs-back-after-2008-meltdown.html?LS=GlobalBriefinghttp://www.hedgefundintelligence.com/Article/2755044/EuroHedge/Episode-rides-risk-onrisk-off-macro-wave.html?LS=GlobalBriefinghttp://www.hedgefundintelligence.com/Article/2755042/EuroHedge/RAB-Energy-duo-dig-deep-to-extract-value-bounce-back-from-2008-blow.html?LS=GlobalBriefinghttp://www.hedgefundintelligence.com/Article/2755042/EuroHedge/RAB-Energy-duo-dig-deep-to-extract-value-bounce-back-from-2008-blow.html?LS=GlobalBriefinghttp://www.hedgefundintelligence.com/Article/2755038/EuroHedge/BTG-Pactual-aims-high-as-global-macroEM-fund-races-to-15bn.html?LS=GlobalBriefinghttp://www.hedgefundintelligence.com/Article/2755037/EuroHedge/AIMA-keeps-up-pressure-on-AIFMD-as-Level-2-work-begins.html?LS=GlobalBriefinghttp://www.hedgefundintelligence.com/Article/2755033/EuroHedge-News/Pendragon-founders-up-and-running-again-in-event-driven.html?LS=GlobalBriefinghttp://www.hedgefundintelligence.com/Article/2755032/EuroHedge-News/Armajaro-to-add-macro-style-resources-equity-fund-with-ex-Salomon-Brevan-man-Glinsman.html?LS=GlobalBriefinghttp://www.hedgefundintelligence.com/Article/2755032/EuroHedge-News/Armajaro-to-add-macro-style-resources-equity-fund-with-ex-Salomon-Brevan-man-Glinsman.html?LS=GlobalBriefinghttp://www.hedgefundintelligence.com/Article/2755031/EuroHedge-News/Industry-recovery-quickens-as-2010-finishes-on-a-high.html?LS=GlobalBriefinghttp://www.hedgefundintelligence.com/Article/2755030/EuroHedge-News/New-launch-pace-picks-up-as-confidence-starts-to-flow.html?LS=GlobalBriefinghttp://www.hedgefundintelligence.com/Article/2757010/EuroHedge-News/Attias-leaves-Rubicon-as-founder-Brewer-resumes-CEO-role.html?LS=GlobalBriefinghttp://www.hedgefundintelligence.com/Article/2761344/EuroHedge-News/Deutsche-and-Traxis-team-up-for-equity-macro-UCITS-launch.html?LS=GlobalBriefinghttp://www.hedgefundintelligence.com/Article/2761343/EuroHedge-News/Source-rolls-out-Man-GLG-broker-ideas-fund-in-ETF-format.html?LS=GlobalBriefinghttp://www.hedgefundintelligence.com/Article/2761342/EuroHedge-News/Finisterre-adds-in-house-counsel-and-moves-COO-to-London.html?LS=GlobalBriefinghttp://www.hedgefundintelligence.com/Article/2761341/EuroHedge-News/SEB-seeds-ex-Mizuho-fixed-income-team-in-Ovington-launch.html?LS=GlobalBriefinghttp://www.hedgefundintelligence.com/globalbriefing


5/8GlobalBriefngs a mothly blcato To subscribe please go to www.hedgeundintelligence.com/globalbriefng February 2011 5

Covering the single-manager hedge

und industry in the Asia-Pacifc


Asia including Japan USD -1.32% -1.32% -1.53% -1.53%

Asia excluding Japan USD -0.96% -0.96% -1.19% -1.19%

Chinese Equity -0.50% -0.50% 0.41% 0.41%

Indian Equity -13.55% -13.55% -13.55% -13.55%

Japanese Equity USD 0.93% 0.93% 1.02% 1.02%

Japanese Equity JPY -0.66% -0.66% -1.14% -1.14%

Australian Equity AUD 0.25% 0.25% 0.18% 0.18%

AsiaHedge Composite 0.31% 0.31% -0.24% -0.24%

ASiAHeDge inDiCeS (eST)

%

MSCI Pacific Free Net

AsiaHedge Composite Index

AsiaHedge Japanese Equity Index USD

AsiaHedge Asia including Japan Index USD

AsiaHedge Asia excluding Japan Index USD

-5

0

5

10

15

20

Jan-11

Dec-1

0

Nov-1

0

Oct-1

0

Sep-10

Aug-10

Jul-1

0

Jun-10

May-1

0

Apr-10

Mar-10

Feb-10

Jan-10

equiTY BenCHMArkSBenchmark index Jan-11 YTD

MSCI Pacifc Free Net -0.36% -0.36%

MSCI Pacifc ex Japan -1.15% -1.15%

MSCI China -0.52% -0.52%

China Shanghai Composite Index -0.62% -0.62%

Sensex -10.64% -10.64%

TOPIX 1.26% 1.26%

Nikkei 225 0.09% 0.09%

Australian All Ordinaries 0.06% 0.06%

Hang Seng 1.79% 1.79%

ASiAHeDge MeDiAn inDiCeS vS

MSCi pACifiC free

edtoal cotacts

Aradhna Dayal, Editor, AsiaHedge,[email protected]

Yvonne Chan, Senior writer,AsiaHedge,[email protected]


[email protected]

+44 (0) 20 7779 7339


[email protected]

+44 (0) 20 7779 7336


[email protected]

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fo mo omato o Hdfd itllc odcts ad scs, las cotact:


LATeST neWS & AnALYSiS AsiaHedge Forum 2011: Levinson, Chan and Zhou line up to speak

Ho ko

Brummer liquidates Karakoram fund

Fund managers expect ripe returns in Asia

Threadneedle taps Miklavchich for emerging markets

Institutionalised funds most sought by investors, says BNY

Mllo

Maples hires Colchester to head Asia expansion

HK Financial Secretary John Tsang to deliver AsiaHedge Forum

yot

Indus launches Asian strategy fund on Morgan Stanley platform

feATureS & prOfiLeS Value Partners reaps rewards of a carefully cultivated discipline

MAS outlines new regime for managers in Singapore

Sun steers Veritas to rich pickings in China as market shifts to

consumer growth

COMMenT (free) The New Big Boys Club

inDuSTrY AnALYSiS What next for the renminbi?

Asian funds battle tricky markets

For the latest statistics please view theAsiaHedge indices

mailto:aradhna%40hedgefundintelligence.com?subject=Global%20Briefingmailto:aradhna%40hedgefundintelligence.com?subject=Global%20Briefingmailto:ychan%40hedgefundintelligence.com?subject=Global%20Briefingmailto:isanderson%40hedgefundintelligence.com?subject=Global%20Briefingmailto:jbarfield%40hedgefundintelligence.com?subject=Global%20Briefingmailto:rball%40hedgefundintelligence.com?subject=Global%20Briefinghttp://www.hedgefundintelligence.com/Article/2750169/AsiaHedge/AsiaHedge-Forum-2011-Levinson-Chan-and-Zhou-line-up-to-speak-in-Hong-Kong.html?LS=GlobalBriefinghttp://www.hedgefundintelligence.com/Article/2750169/AsiaHedge/AsiaHedge-Forum-2011-Levinson-Chan-and-Zhou-line-up-to-speak-in-Hong-Kong.html?LS=GlobalBriefinghttp://www.hedgefundintelligence.com/Article/2759875/AsiaHedge-News/Brummer-liquidates-Karakoram-fund.html?LS=GlobalBriefinghttp://www.hedgefundintelligence.com/Article/2759877/AsiaHedge-News/Fund-managers-expect-ripe-returns-in-Asia.html?LS=GlobalBriefinghttp://www.hedgefundintelligence.com/Article/2759878/AsiaHedge-News/Threadneedle-taps-Miklavchich-for-emerging-markets.html?LS=GlobalBriefinghttp://www.hedgefundintelligence.com/Article/2759880/AsiaHedge-News/Institutionalised-funds-most-sought-by-investors-says-BNY-Mellon.html?LS=GlobalBriefinghttp://www.hedgefundintelligence.com/Article/2759880/AsiaHedge-News/Institutionalised-funds-most-sought-by-investors-says-BNY-Mellon.html?LS=GlobalBriefinghttp://www.hedgefundintelligence.com/Article/2759882/AsiaHedge-News/Maples-hires-Colchester-to-head-Asia-expansion.html?LS=GlobalBriefinghttp://www.hedgefundintelligence.com/Article/2754338/AsiaHedge-News/HK-Financial-Secretary-John-Tsang-to-deliver-AsiaHedge-Forum-keynote.html?LS=GlobalBriefinghttp://www.hedgefundintelligence.com/Article/2754338/AsiaHedge-News/HK-Financial-Secretary-John-Tsang-to-deliver-AsiaHedge-Forum-keynote.html?LS=GlobalBriefinghttp://www.hedgefundintelligence.com/Article/2757769/AsiaHedge-News/Indus-launches-Asian-strategy-fund-on-Morgan-Stanley-platform.html?LS=GlobalBriefinghttp://www.hedgefundintelligence.com/Article/2750171/AsiaHedge-Profiles/Value-Partners-reaps-rewards-of-a-carefully-cultivated-discipline.html?LS=GlobalBriefinghttp://www.hedgefundintelligence.com/Article/2694641/AH-Q-A/MAS-outlines-new-regime-for-managers-in-Singapore.html?LS=GlobalBriefinghttp://www.hedgefundintelligence.com/Article/2720224/AsiaHedge-Profiles/Sun-steers-Veritas-to-rich-pickings-in-China-as-market-shifts-to-co?LS=GlobalBriefing%20nsumer-growth.htmlhttp://www.hedgefundintelligence.com/Article/2750152/AsiaHedge-Blogs/The-New-Big-Boys-Club.html?LS=GlobalBriefinghttp://www.hedgefundintelligence.com/Database-AsiaHedge-Indices-Performance.htmlhttp://www.hedgefundintelligence.com/Database-AsiaHedge-Indices-Performance.htmlhttp://www.hedgefundintelligence.com/Article/2694630/AsiaHedge-Industry-Analysis/What-next-for-the-renminbi.html?LS=GlobalBriefinghttp://www.hedgefundintelligence.com/Article/2750152/AsiaHedge-Blogs/The-New-Big-Boys-Club.html?LS=GlobalBriefinghttp://www.hedgefundintelligence.com/Article/2720224/AsiaHedge-Profiles/Sun-steers-Veritas-to-rich-pickings-in-China-as-market-shifts-to-co?LS=GlobalBriefing%20nsumer-growth.htmlhttp://www.hedgefundintelligence.com/Article/2720224/AsiaHedge-Profiles/Sun-steers-Veritas-to-rich-pickings-in-China-as-market-shifts-to-co?LS=GlobalBriefing%20nsumer-growth.htmlhttp://www.hedgefundintelligence.com/Article/2694641/AH-Q-A/MAS-outlines-new-regime-for-managers-in-Singapore.html?LS=GlobalBriefinghttp://www.hedgefundintelligence.com/Article/2750171/AsiaHedge-Profiles/Value-Partners-reaps-rewards-of-a-carefully-cultivated-discipline.html?LS=GlobalBriefinghttp://www.hedgefundintelligence.com/Article/2757769/AsiaHedge-News/Indus-launches-Asian-strategy-fund-on-Morgan-Stanley-platform.html?LS=GlobalBriefinghttp://www.hedgefundintelligence.com/Article/2754338/AsiaHedge-News/HK-Financial-Secretary-John-Tsang-to-deliver-AsiaHedge-Forum-keynote.html?LS=GlobalBriefinghttp://www.hedgefundintelligence.com/Article/2754338/AsiaHedge-News/HK-Financial-Secretary-John-Tsang-to-deliver-AsiaHedge-Forum-keynote.html?LS=GlobalBriefinghttp://www.hedgefundintelligence.com/Article/2759882/AsiaHedge-News/Maples-hires-Colchester-to-head-Asia-expansion.html?LS=GlobalBriefinghttp://www.hedgefundintelligence.com/Article/2759880/AsiaHedge-News/Institutionalised-funds-most-sought-by-investors-says-BNY-Mellon.html?LS=GlobalBriefinghttp://www.hedgefundintelligence.com/Article/2759880/AsiaHedge-News/Institutionalised-funds-most-sought-by-investors-says-BNY-Mellon.html?LS=GlobalBriefinghttp://www.hedgefundintelligence.com/Article/2759878/AsiaHedge-News/Threadneedle-taps-Miklavchich-for-emerging-markets.html?LS=GlobalBriefinghttp://www.hedgefundintelligence.com/Article/2759877/AsiaHedge-News/Fund-managers-expect-ripe-returns-in-Asia.html?LS=GlobalBriefinghttp://www.hedgefundintelligence.com/Article/2759875/AsiaHedge-News/Brummer-liquidates-Karakoram-fund.html?LS=GlobalBriefinghttp://www.hedgefundintelligence.com/Article/2750169/AsiaHedge/AsiaHedge-Forum-2011-Levinson-Chan-and-Zhou-line-up-to-speak-in-Hong-Kong.html?LS=GlobalBriefinghttp://www.hedgefundintelligence.com/Article/2750169/AsiaHedge/AsiaHedge-Forum-2011-Levinson-Chan-and-Zhou-line-up-to-speak-in-Hong-Kong.html?LS=GlobalBriefingmailto:rball%40hedgefundintelligence.com?subject=Global%20Briefingmailto:jbarfield%40hedgefundintelligence.com?subject=Global%20Briefingmailto:isanderson%40hedgefundintelligence.com?subject=Global%20Briefingmailto:ychan%40hedgefundintelligence.com?subject=Global%20Briefingmailto:aradhna%40hedgefundintelligence.com?subject=Global%20Briefing


6/8GlobalBriefngis f mty pbicti To subscribe please go to www.hedgeundintelligence.com/globalbriefng February 2011 6

Covering the global

und o unds industry

Medians MeansStrategy Dec-10 YTD Dec-10 YTD

Arbitrage USD Index 1.14% 4.90% 1.06% 4.00%

Asian Pacifc Fund o Funds Index 1.24% 2.87% 2.03% 3.66%

Asset Based Lending Index -0.40% 3.31% -0.11% 1.74%

Commodities Index 3.84% 5.30% 3.93% 7.03%

Distressed Index 1.50% 7.02% 1.59% 7.03%

Emerging Managers Index 1.04% 5.01% 1.14% 4.32%

Emerging Markets Hedge USD Index 1.31% 5.08% 1.57% 6.80%

European Equity EUR Index 2.46% 4.51% 2.69% 4.56%

European Multi Strategy EUR Index 1.70% 4.13% -1.84% 0.11%

Fixed Income USD Index 1.83% 8.98% 1.70% 9.16%

Global Equity USD Index 2.19% 5.33% 2.40% 5.95%

Global Macro Currency USD Index 2.05% 5.10% 2.22% 6.12%

Global Multi Strategy EUR Index 1.55% 3.31% 1.78% 3.77%

Global Multi Strategy USD Index 1.83% 5.00% 1.92% 5.39%

Leveraged Global Multi-Strategy USD Index 2.49% 8.06% 2.87% 9.14%

US Equity Index 2.50% 6.94% 2.78% 7.88%

Composite Index 1.84% 4.86% 2.03% 5.41%

InveSTheDge InDICeS

%

MSCI The World Index Net

InvestHedge Leveraged Global Multi-Strategy USD

InvestHedge Global Multi-Strategy USD

InvestHedge Global Equity USD

InvestHedge European Multi-Strategy EUR

InvestHedge European Equity EUR

InvestHedge Composite

-4

-3

-2

-1

0

1

2

3

4

5

6

7

8

Dec-10

Nov-10

Oct-10

Sep-10

Aug-10

Jul-10

Jun-10

May-10

Apr-10

Mar-10

Feb-10

Jan-10

Dec-0

9

InveSTheDge MeDIan InDICeS vS MSCI WorlD

editi ctcts

Niki Natarajan, Editor, InvestHedge, [email protected]

Susan Barreto, Deputy editor,InvestHedge,[email protected]


[email protected]

+44 (0) 20 7779 7339


[email protected]

+44 (0) 20 7779 7336


[email protected]

+852 2842 6996

F m ifmti hdFd Itic pdcts d sics, ps ctct:


laTeST neWS & analYSIS Fauchier Partners has an aggressive approach to risk-taking to

keep exposures on track

$36bn LACERA searches for bespoke provider

Ellis looks forward to creating the next generation of alpha-

fcsd mti-m ptis t M

New Permal/JP index raises $500m at launch

AP1 selects seven groups to advise on $1.5bn allocation

Quellos veteran Clarvit retires from BlackRock

Boston begins consultant search

Gottschalks HK move set to expand Gottex in Asia

Ohio PERS returns nearly 14% in 2010 LGTs Castle indulges in more CTAs and macro

FEATURES & PROFILES Blackstone Strategic backs those that want to be bigger, better,

fst

UKs Merseyside Pension goes direct with a little help from its

fids

CoMMenT (Free) Caveat emptor: beware of bespoke

InDuSTrY analYSIS Investors seeking golden opportunities

Funds of funds end 2010 on upbeat note

For the latest statistics please view theInvestHedge indices
http://www.hedgefundintelligence.com/globalbriefingmailto:niki%40hedgefundintelligence.com?subject=Global%20Briefingmailto:sbarreto%40hedgefundintelligence.com?subject=Global%20Briefingmailto:isanderson%40hedgefundintelligence.com?subject=Global%20Briefingmailto:jbarfield%40hedgefundintelligence.com?subject=Global%20Briefingmailto:rball%40hedgefundintelligence.com?subject=Global%20Briefinghttp://www.hedgefundintelligence.com/Article/2760392/InvestHedge/Fauchier-Partners-has-an-aggressive-approach-to-risk-taking-to-keep-exposures-on-track.html?LS=GlobalBriefinghttp://www.hedgefundintelligence.com/Article/2760392/InvestHedge/Fauchier-Partners-has-an-aggressive-approach-to-risk-taking-to-keep-exposures-on-track.html?LS=GlobalBriefinghttp://www.hedgefundintelligence.com/Article/2760367/InvestHedge-News/36bn-LACERA-searches-for-bespoke-provider.html?LS=GlobalBriefinghttp://www.hedgefundintelligence.com/Article/2760402/InvestHedge-News/Ellis-looks-forward-to-creating-the-next-generation-of-alpha-focused-multi-manager-operations-at-Man.html?LS=GlobalBriefinghttp://www.hedgefundintelligence.com/Article/2760402/InvestHedge-News/Ellis-looks-forward-to-creating-the-next-generation-of-alpha-focused-multi-manager-operations-at-Man.html?LS=GlobalBriefinghttp://www.hedgefundintelligence.com/Article/2760405/InvestHedge-News/New-PermalJP-index-raises-500m-at-launch.html?LS=GlobalBriefinghttp://www.hedgefundintelligence.com/Article/2760383/InvestHedge-News/AP1-selects-seven-groups-to-advise-on-15bn-allocation.html?LS=GlobalBriefinghttp://www.hedgefundintelligence.com/Article/2757021/InvestHedge-News/Quellos-veteran-Clarvit-retires-from-BlackRock.html?LS=GlobalBriefinghttp://www.hedgefundintelligence.com/Article/2757023/InvestHedge-News/Boston-begins-consultant-search.html?LS=GlobalBriefinghttp://www.hedgefundintelligence.com/Article/2757024/InvestHedge-News/Gottschalks-HK-move-set-to-expand-Gottex-in-Asia.html?LS=GlobalBriefinghttp://www.hedgefundintelligence.com/Article/2757025/InvestHedge-News/Ohio-PERS-returns-nearly-14-in-2010.html?LS=GlobalBriefinghttp://www.hedgefundintelligence.com/Article/2757031/InvestHedge-News/LGTs-Castle-indulges-in-more-CTAs-and-macro.html?LS=GlobalBriefinghttp://www.hedgefundintelligence.com/Article/2760395/InvestHedge/Blackstone-Strategic-backs-those-that-want-to-be-bigger-better-faster.html?LS=GlobalBriefinghttp://www.hedgefundintelligence.com/Article/2760395/InvestHedge/Blackstone-Strategic-backs-those-that-want-to-be-bigger-better-faster.html?LS=GlobalBriefinghttp://www.hedgefundintelligence.com/Article/2760387/InvestHedge-Investors-Institutional-Investors-Investors-Profiles/UKs-Merseyside-Pension-goes-direct-with-a-little-help-from-its-friends.html?LS=GlobalBriefinghttp://www.hedgefundintelligence.com/Article/2760387/InvestHedge-Investors-Institutional-Investors-Investors-Profiles/UKs-Merseyside-Pension-goes-direct-with-a-little-help-from-its-friends.html?LS=GlobalBriefinghttp://www.hedgefundintelligence.com/Article/2760366/InvestHedge-Comment/Caveat-emptor-beware-of-bespoke.html?LS=GlobalBriefinghttp://www.hedgefundintelligence.com/Article/2760389/InvestHedge-Industry-Analysis/Investors-seeking-golden-opportunities.html?LS=GlobalBriefinghttp://www.hedgefundintelligence.com/Database-InvestHedge-Indices-Performance.htmlhttp://www.hedgefundintelligence.com/Database-InvestHedge-Indices-Performance.htmlhttp://www.hedgefundintelligence.com/Article/2760389/InvestHedge-Industry-Analysis/Investors-seeking-golden-opportunities.html?LS=GlobalBriefinghttp://www.hedgefundintelligence.com/Article/2760366/InvestHedge-Comment/Caveat-emptor-beware-of-bespoke.html?LS=GlobalBriefinghttp://www.hedgefundintelligence.com/Article/2760387/InvestHedge-Investors-Institutional-Investors-Investors-Profiles/UKs-Merseyside-Pension-goes-direct-with-a-little-help-from-its-friends.html?LS=GlobalBriefinghttp://www.hedgefundintelligence.com/Article/2760387/InvestHedge-Investors-Institutional-Investors-Investors-Profiles/UKs-Merseyside-Pension-goes-direct-with-a-little-help-from-its-friends.html?LS=GlobalBriefinghttp://www.hedgefundintelligence.com/Article/2760395/InvestHedge/Blackstone-Strategic-backs-those-that-want-to-be-bigger-better-faster.html?LS=GlobalBriefinghttp://www.hedgefundintelligence.com/Article/2760395/InvestHedge/Blackstone-Strategic-backs-those-that-want-to-be-bigger-better-faster.html?LS=GlobalBriefinghttp://www.hedgefundintelligence.com/Article/2757031/InvestHedge-News/LGTs-Castle-indulges-in-more-CTAs-and-macro.html?LS=GlobalBriefinghttp://www.hedgefundintelligence.com/Article/2757025/InvestHedge-News/Ohio-PERS-returns-nearly-14-in-2010.html?LS=GlobalBriefinghttp://www.hedgefundintelligence.com/Article/2757024/InvestHedge-News/Gottschalks-HK-move-set-to-expand-Gottex-in-Asia.html?LS=GlobalBriefinghttp://www.hedgefundintelligence.com/Article/2757023/InvestHedge-News/Boston-begins-consultant-search.html?LS=GlobalBriefinghttp://www.hedgefundintelligence.com/Article/2757021/InvestHedge-News/Quellos-veteran-Clarvit-retires-from-BlackRock.html?LS=GlobalBriefinghttp://www.hedgefundintelligence.com/Article/2760383/InvestHedge-News/AP1-selects-seven-groups-to-advise-on-15bn-allocation.html?LS=GlobalBriefinghttp://www.hedgefundintelligence.com/Article/2760405/InvestHedge-News/New-PermalJP-index-raises-500m-at-launch.html?LS=GlobalBriefinghttp://www.hedgefundintelligence.com/Article/2760402/InvestHedge-News/Ellis-looks-forward-to-creating-the-next-generation-of-alpha-focused-multi-manager-operations-at-Man.html?LS=GlobalBriefinghttp://www.hedgefundintelligence.com/Article/2760402/InvestHedge-News/Ellis-looks-forward-to-creating-the-next-generation-of-alpha-focused-multi-manager-operations-at-Man.html?LS=GlobalBriefinghttp://www.hedgefundintelligence.com/Article/2760367/InvestHedge-News/36bn-LACERA-searches-for-bespoke-provider.html?LS=GlobalBriefinghttp://www.hedgefundintelligence.com/Article/2760392/InvestHedge/Fauchier-Partners-has-an-aggressive-approach-to-risk-taking-to-keep-exposures-on-track.html?LS=GlobalBriefinghttp://www.hedgefundintelligence.com/Article/2760392/InvestHedge/Fauchier-Partners-has-an-aggressive-approach-to-risk-taking-to-keep-exposures-on-track.html?LS=GlobalBriefingmailto:rball%40hedgefundintelligence.com?subject=Global%20Briefingmailto:jbarfield%40hedgefundintelligence.com?subject=Global%20Briefingmailto:isanderson%40hedgefundintelligence.com?subject=Global%20Briefingmailto:sbarreto%40hedgefundintelligence.com?subject=Global%20Briefingmailto:niki%40hedgefundintelligence.com?subject=Global%20Briefinghttp://www.hedgefundintelligence.com/globalbriefing


7/8GlobalBriefngis a ree monthly publication To subscribe please go to www.hedgeundintelligence.com/globalbriefng February 2011 7

%

MSCI Europe - Net

HedgeFund Intelligence Global Index - Composite

HedgeFund Intelligence Global Index UCITS

EuroHedge European Equity EUR Index (Median)

EuroHedge UCITS European Equity Index (Median)

-6

-3

0

3

6

9

12

15

Jan-11

Dec-1

0

Nov-1

0

Oct-1

0

Sep-10

Aug-10

Jul-1

0

Jun-10

May-1

0

Apr-10

Mar-10

Feb-10

Jan-10

UCITS INDICES VS EUROHEDGE EUROPEANEQUITY AND MSCI EUROPE


Absolute UCITS European Equity Index 1.24% 1.24% 1.67% 1.67%

EuroHedge European Equity EUR Index -0.15% -0.15% -0.01% -0.01%

Absolute UCITS Single Manager Composite Index 0.64% 0.64% 0.79% 0.79%

HedgeFund Intelligence Global Index - Composite 0.28% 0.28% -0.13% -0.13%

JANUARY UCITS PERfORMANCE INDICES

EQUITY BENCHMARkSBenchmark index Jan-11 YTD

MSCI Europe - Net 1.93% 1.93%

FTSE 100 (London) -0.63% -0.63%

DAX (Frankfurt) 2.36% 2.36%

Absolute

UCITS

Editorial contacts

Joy Dunbar, Editor,Absolute UCITS,[email protected]


[email protected]

+44 (0) 20 7779 7339


[email protected]

+44 (0) 20 7779 7336


[email protected]

+852 2842 6996

for more inormation on Hedgefund Intelligence products and services, please contact:


LATEST NEwS & ANALYSIS Funds get off to a strong start in 2011

Financial services fund launches on Morgan Stanley platform

New merger arb fund indicates improving economic conditions

Aquilas flagship strategy tops $1 billion

Open architecture UCITS platform launches

IRELAND SPECIAL Funds flourish in Dublin despite sovereign debt woes

Will AIFMD nurture or kill off UCITS hedge funds?

Why domicile your fund in Ireland?

Prime brokers focus more on operational risk, says consultant

Daiwa launches UCITS services in Ireland

fEATURES AND PROfILES CastleRock launches UCITS hedge fund to compete with

long-only counterparts

UBS adds to UCITS platform offering

Launch of UCITS hedge funds creates investor buzz, according

to wealth manager

Undiscovered Europe: Opportunities for alpha?

COMMENT (fREE) Is the 2 and 20 fee structure a non-starter in the UCITS world?

Will UCITS hedge funds become a trillion dollar industry?

INDUSTRY ANALYSIS UCITS creates new business model for FOHFs, says Blacksquare

Hedge fund managers heading for a crossroads onshore, says

RwC

Managers need accurate OTC derivative valuations, says

consultant

Largest fund on AU database increases distribution to European

investors

Absolute UCITS European Index up 1.24%

For the latest statistics please view theAbsolute UCITS indices

Figures correct as of 7 January 2011
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m/Article/2759002/Will-UCITS-hedge-funds-become-a-trillion-dollar-industry.html?LS=GlobalBriefinghttp://www.hedgefundintelligence.com/Article/2752533/Is-the-2-and-20-fee-structure-a-non-starter-in-the-UCITS-world.html?LS=GlobalBriefinghttp://www.hedgefundintelligence.com/Article/2761220/Undiscovered-Europe-Opportunities-for-alpha.html?LS=GlobalBriefinghttp://www.hedgefundintelligence.com/Article/2751341/Launch-of-UCITS-hedge-funds-creates-investor-buzz-according-to-wealth-manager.html?LS=GlobalBriefinghttp://www.hedgefundintelligence.com/Article/2751341/Launch-of-UCITS-hedge-funds-creates-investor-buzz-according-to-wealth-manager.html?LS=GlobalBriefinghttp://www.hedgefundintelligence.com/Article/2752932/UBS-adds-to-UCITS-platform-offering.html?LS=GlobalBriefinghttp://www.hedgefundintelligence.com/Article/2744997/CastleRock-launches-UCITS-hedge-fund-to-compete-with-long-only-counterparts.html?LS=GlobalBriefinghttp://www.hedgefundintelligence.com/Article/2744997/CastleRock-launches-UCITS-hedge-fund-to-compete-with-long-only-counterparts.html?LS=GlobalBriefinghttp://www.hedgefundintelligence.com/Article/2748780/Daiwa-launches-UCITS-services-in-Ireland.html?LS=GlobalBriefinghttp://www.hedgefundintelligence.com/Article/2746589/Prime-brokers-focus-more-on-operational-risk-says-consultant.html?LS=GlobalBriefinghttp://www.hedgefundintelligence.com/Article/2746587/Why-domicile-your-fund-in-Ireland.html?LS=GlobalBriefinghttp://www.hedgefundintelligence.com/Article/2746567/Will-AIFMD-nurture-or-kill-off-UCITS-hedge-funds.html?LS=GlobalBriefinghttp://www.hedgefundintelligence.com/Article/2746565/Funds-flourish-in-Dublin-despite-sovereign-debt-woes.html?LS=GlobalBriefinghttp://www.hedgefundintelligence.com/Article/2761958/Open-architecture-UCITS-platform-launches.html?LS=GlobalBriefinghttp://www.hedgefundintelligence.com/Article/2751499/Aquilas-flagship-strategy-tops-1-billion.html?LS=GlobalBriefinghttp://www.hedgefundintelligence.com/Article/2746768/New-merger-arbfund-indicates-improving-economic-conditions.html?LS=GlobalBriefinghttp://www.hedgefundintelligence.com/Article/2744082/Financial-services-fund-launches-on-Morgan-Stanley-platform.html?LS=GlobalBriefinghttp://www.hedgefundintelligence.com/Article/2749771/Funds-get-off-to-a-strong-start-in-2011.htmlmailto:rball%40hedgefundintelligence.com?subject=Global%20Briefingmailto:jbarfield%40hedgefundintelligence.com?subject=Global%20Briefingmailto:isanderson%40hedgefundintelligence.com?subject=Global%20Briefingmailto:jdunbar%40hedgefundintelligence.com?subject=Global%20Briefinghttp://www.hedgefundintelligence.com/globalbriefing


8/8

Global hedge fund assets

Source: HedgeFund Intelligence

Assets

bn

0

500

1,000

1,500

2,000

2,500

3,000 Global hedge fund assets (est)

2001

2002

2003

2004

2005

2006

2007

2008

2009

1H2010

Fund of funds assets (InvestHedge FoF Billion Dollar Club)

FUND OF FUNDS ASSETS VS TOTAl GlOBAl ASSETS

Growth of the global hedge fund industry

HedgeFund Intelligence compiles global asset data rom its databases

and surveys. The frm-specifc fgures, which are verifed on a

frm-by-frm basis, result in the most painstaking and accurate survey

o its kind.

To discuss the methodology o the Global Billion Dollar Club, please

contact any o our editors.

Nick Evans, Editor,EuroHedge, [email protected]

Aradhna Dayal, Editor,AsiaHedge, [email protected]

Niki Natarajan, Editor,InvestHedge, [email protected]

Michelle Celarier, Editor,AR Magazine, [email protected]

GlobalBriefng s a fee mont ubaton To subscribe please go towwwhedgeundintelligence com/globalbriefng February 20118

ThE GlOBAl BilliON DOllAr clUB jUly 2010

locaton AUM ($bn) Numbe o fms % tota assets % tota undsNY, 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 1.59

MN, 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 0.64So Paulo, Brazil 10.31 2 0.67 0.64Other 35.28 14 2.30 4.46Tota 1,534.86 302 100 100

Source: HedgeFund Intelligence. De-duplicated to account or groups with more than one ocial location

US hEDGE FUND lAUNchES (see atest New Fund Suve ee)

FirST hAlF* FUll yEAr*Numbe o unds Assets ased Numbe o unds Assets ased(assets ove $50m) ($m) (assets ove $50m) ($m)

2004 47 9,000 81 39,5002005 72 16,400 73 33,5002006 51 11,700 86 30,6002007 72 14,000 81 31,5002008 35 19,500 55 23,1702009 12 3,849 53 14,8902010 43 10,900 59 17,432*All frst-hal surveys only look at und launches above $25m while all ull-year surveys only look at undlaunches above $50m

EUrOpEAN hEDGE FUND lAUNchES (see New Fund Suve ee) FirST hAlF FUll yEAr

Numbe o unds Assets ased ($m) Numbe o unds Assets ased ($m)2004 128 9,430 253 22,790

2005 150 13,095 334 27,8162006 172 11,437 423 37,7702007 189 15,545 370 33,0872008 106 10,841 201 17,8582009 47 2,089 142 11,1462010 58 3,752 n/a n/a

ASiAN hEDGE FUND lAUNchES (see New Fund Suve ee)FirST hAlF FUll yEAr

Numbe o unds Assets ased ($m) Numbe o unds Assets ased ($m)2004 40 1,720 129 5,1802005 65 3,878 126 6,5892006 70 3,304 122 5,7632007 74 5,701 116 7,8342008 50 2,549 75 2,9752009 39 1,120 77 2,601

2010 53 2,127 n/a n/aSource: HedgeFund Intelligence

Measuring the assets o single-manager hedge und rms managing at least $1bn (notincluding unds o unds). Does not include the assets or smaller rms, which is whythe total below difers rom that o the global hedge und assets in the chart above.

hfi global briefing - february 2011

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