europe's largest single managers ranked by aum

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UROPE

F IFT Y

EUROPE5OEurope’s largest single

managers ranked by AUM

In association with Newedge Alternative Investment Solutions

elcome to the 7th Edition of the Europe50 where we survey the leading European hedge fund managers

ranked by single manager assets at 30 June 2012. Notwithstanding considerable volatility in markets and broad economic uncertainty hedge fund assets have grown modestly over the past year to around $2.1 trillion, according to Hedge Fund Research. We believe that sourcing and publishing data about hedge funds provides an important service for investors as well as for the broader asset management industry.

The willingness of hedge fund managers to disclose this basic information has grown in recent years. Through this disclosure and a variety of other actions hedge funds are becoming more transparent. Much of this, of course, is a response to the investor base becoming increasingly dominated by pension funds, sovereign wealth entities and other institutional investors. The Hedge Fund Journal is nevertheless indebted to firms across Europe for participating in our 2012 survey.

Details on hedge fundsThe following pages provide a succinct overview of the hedge funds managed by the Europe50 firms. This includes details about each firm’s individual funds, the different portfolio managers, the strategies they follow and where a particular fund is domiciled. Assets under management in managed accounts and in UCITS funds are also included where relevant. In accordance with the methodology of our UCITS Hedge database we only include funds where the prospectus permits managers to short individual securities.

The relative health of the UCITS sector is a matter of some debate in the alternative investment industry. Fund launches have diminished over the past year and several funds have been shuttered on business grounds due to an inability to attract sufficient investor allocations. In some cases, this is because a few funds in a strategy area have been particularly successful at wooing investors, leaving other funds with less AUM fighting over scraps. However, allocations from investors, including the relatively nascent retail market, continue to grow but at a slower rate than in 2009-2010 when launch activity was higher.

The challenge that both UCITS and offshore hedge funds face in common is quite simply the need to perform. With a few exceptions UCITS funds have provided mediocre returns with only a few big winners and a smaller number of major losers. Offshore hedge funds, meanwhile, continue to exhibit more volatility. For the first seven months of 2012 the UCITS Hedge Index is essentially flat (-0.03%), while the HFRX Global Hedge Fund Index

BILL McINTOSH

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The Europe 50 In association with Newedge Alternative Investment Solutions

is up modestly (+2.33%). The numbers mask a first quarter rally, a second quarter pull back followed by some very welcome gains in July.

Yet it is likely that the market’s range bound trading following the 2009 rally will continue. The ‘risk on, risk off’ dynamic is making it difficult for many managers to generate performance. Long/short equity funds with relatively high levels of net exposure have increasingly dialled this down. It is likely that the description ‘market neutral’ has never been more popular among long/short equity fund marketers.

CTA and macro funds growUnsurprisingly, the growth in hedge fund assets has occurred mainly with commodity trading advisors, global macro and relative value strategies. Yet some big onshore managers operating in multi-strategy as well as in long/short equity have also made a major impact on asset levels. The result is that the total assets under management of Europe50 firms rose over 7% to $414 billion, up from $385 billion in our mid-year 2011 survey. This is another record for the Europe50 and takes their total AUM further along from the early 2008 pre-crisis peak of $366 billion near the top of the last bull market.

The aggregate figure shows that investors are not only sticking with, but adding to their hedge fund investments. It could be argued that this a logical response to the very difficult trading conditions across asset classes. After all, hedge fund mangers have more tools available to try and generate performance than do their long only counterparts. The data also shows that $71.6 billion is held in UCITS funds, accounting for nearly 18% of total Europe50 AUM.

Man Investments again took the top slot with $41.4 billion in AUM at 30 June, 2012 across its range of single manager funds, representing a jump of 21% from the $34.1 billion a year earlier. Much of Man’s gain reflected a jump in managed account assets to $7.6 billion from $1.4 billion. Moving up to the number two slot is Brevan Howard Asset Management with AUM of $36.7 billion, up a healthy 14% from the 30 June 2011 AUM of $32.1 billion. The Brevan Howard Multi-Strategy Master Fund nearly quadrupled AUM to $3.35 billion over the year, while the Brevan Howard Master Fund gained over $2 billion in assets owing to its resilient investment performance in 2011 under the aegis of Alan Howard.

Moving up one position to third in the Europe50 is BlueCrest Capital Management where AUM grew 16% to $31.1 billion from $26.8 billion a year earlier. BlueCrest added capital in both its discretionary funds overseen my Mike Platt and in its systematic

funds managed by Leda Braga. Moving further up the table, from fifth to fourth, is Winton Capital Management with a 27% rise in AUM to $28.5 billion from $22.4 billion. Meanwhile, Standard Life Investments recorded the biggest jump in terms of funds managed with AUM more than doubling to $27.3 billion, a performance that took the firm to fifth overall, up from ninth a year ago.

The gains of the top five funds took their AUM to $165 billion, accounting for 40% of the total assets managed by Europe50 firms compared with 38% last year. Greater concentration of assets among the top five is a trend that continues unabated. Only two years ago they managed just $108 billion.

A very big splash for a new entrant is made by Cantab Capital Partners, the Cambridge-based global systematic manager founded in 2006. It enters the Europe50 ranked thirty-second as assets grew sharply to $3.1 billion. Capula edges into ninth as assets rose to $13 billion from $8.6 billion, while Paris-based CTA Capital Fund Management moves up to twenty first from thirty fourth, with AUM rising to $5.8 billion.

MethodologyThe Europe50 rankings focus on those firms which can be recognised as distinctly European businesses, usually those where the executive functions and head office are located in Europe. In some cases, the European subsidiaries of large, global asset managers can still qualify on the basis of the money being managed out of their European offices. The key criterion in these cases is where the assets are being managed from, not where they are located.

Where the executive function is located in Europe, we have, for the sake of convenience, included all the assets managed by that group, regardless of where the portfolio manager is sitting. Where the executive function is outside Europe, it has just counted the assets managed by European-based portfolio management teams. In cases where groups manage both hedge fund and non-hedge assets, we have stripped out the non-hedge component of the asset base. In a few cases we have provided an estimate of the money being managed after communicating with firms and canvassing various data sources to compile the published estimate.

The Hedge Fund Journal thanks Newedge Alternative Investment Solutions for continuing to sponsor the Europe50. We congratulate all the firms included and thank them for their cooperation in making the survey possible. The very difficult trading conditions that prevail in mid-2012 offer a challenging backdrop to measure the skills of Europe’s leading asset managers. How they perform in these markets will bear watching. THFJ

IN ASSOCIATION WITHEUROPE50

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Total AUM figure, firm-wide, of all hedge fund assets (i.e., fund and managed account assets, globally) managed by the firm as at 30 June 2012Ranking position in 2011 Europe 50 surveyThe date the business was foundedThe names of the founders or current principals of the business, if the founders have retired from the businessThe names/inception date/AUM figures/investment strategy/asset classes traded/portfolio managers/fund domicile for the largest five hedge funds managed (or fewer if fewer than five managed)Total AUM figure of all hedge fund assets managed in dedicated managed accountsTotal AUM figure of all hedge fund assets managed in a UCITS-compliant formatThe names of those UCITS-compliant funds

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04

Winton Capital Management

1Total AUM (as at 30.06.12)$28.5bn

2 2011 ranking5

3Founded1997

4Founders/principalsDavid Harding, Anthony Daniell, Rajeev Patel, Matthew Beddall, Andrew Bastow, Martin Hunt, Amal Murgian

5Hedge fund(s)Fund name: Winton Futures Fund Inception Date: 10/1997AUM: $10.3bnPortfolio Manager: SystematicStrategy: Diversified Asset Classes: Futures, Options, Listed equities, Fixed income Domicile: BVI

Fund name: Winton Evolution FundInception Date: 09/2005AUM: $112.6mPortfolio Manager: SystematicStrategy: Multi-StrategyAsset Classes: Futures, Options, Listed equities, Fixed incomeDomicile: Cayman Islands

Fund name: Winton Global Equity FundInception Date: 12/2010AUM: $192.5mPortfolio Manager: SystematicStrategy: Long only (equities), UCITS IVAsset Classes: Listed equitiesDomicile: Ireland

6Dedicated managed accounts AUM$17.9bn

7aUCITS-compliant hedge fund AUM$192.5m

7bUCITS-compliant fundsWinton Global Equity Fund

01

Man Investments


2 2011 ranking1 (-)

3Founded1783 (as a cooperage)

4Founders/principalsPeter Clarke, Manny Roman, Jonathan Sorrell

5Hedge fund(s)Fund name: Man AHL Diversified PlcInception Date: 03/1996AUM: $1.9bnPortfolio Manager: Tim WongStrategy: Managed FuturesAsset Classes: Cross-assetDomicile: Ireland

Fund name: Man Commodities StrategiesInception Date: 10/2003AUM: $815mPortfolio Manager: Osvaldo Canavosio, Andy Schwyter and Hans HurschlerStrategy: CommoditiesAsset Classes: Fund of FundsDomicile: Cayman Islands

Fund name: GLG Market NeutralInception Date: 01/1998AUM: $810mPortfolio Manager: Steve RothStrategy: ArbitrageAsset Classes: Credit and ConvertiblesDomicile: Cayman Islands

Fund name: GLG European Long ShortInception Date: 09/2000AUM: $1.9bnPortfolio Manager: Pierre Lagrange, Simon Savage and Darren HodgesStrategy: Equity Long/Short, Market NeutralAsset Classes: EquityDomicile: Cayman Islands and onshore UCITS

Fund name: Man Absolute Return StrategiesInception Date: 07/1998AUM: $517mPortfolio Manager: Cyrus Amaria Strategy: DiversifiedAsset Classes: Fund of FundsDomicile: Cayman Islands


7aUCITS-compliant hedge fund AUM$2.6bn

7bUCITS-compliant fundsGLG European Equity AlternativeGLG European Alpha AlternativeMan AHL TrendGLG Alpha Select AlternativeMan GLG Multi-StrategyGLG Atlas Macro AlternativeMan AHL DiversityGLG EM Diversified AlternativeGLG North American Equity AlternativeGLG EM Currency & Fixed Income AlternativeGLG EM Equity AlternativeGLG Financials Alternative

02

Brevan Howard


2 2011 ranking3

3Founded2002

4Founders/principalsAlan Howard

5Hedge fund(s)Fund name: Brevan Howard Master Fund LimitedInception Date: 2003AUM: $26.4bn (est)Portfolio Manager: Multiple Portfolio ManagersStrategy: Global Macro/relative valueAsset Classes: Fixed Income and FXDomicile: Cayman Islands

Fund name: Brevan Howard Multi-Strategy Master Fund LimitedInception Date: 2008AUM: $3.35bn (est)Portfolio Manager: N/AStrategy: Multi-StrategyAsset Classes: Fixed Income, FX, Credit, Commodities and EquitiesDomicile: Cayman Islands

Fund name: Brevan Howard Emerging Markets Strategies Master Fund LimitedInception Date: 2007AUM: $2.62bn (est)Portfolio Manager: Geraldine SundstromStrategy: Emerging markets macroAsset Classes: Fixed Income, Credit, FXDomicile: Cayman Islands

Fund name: Brevan Howard Credit Catalysts Master Fund LimitedInception Date: 2009AUM: $2.64bn (est)Portfolio Manager: David WarrenStrategy: Catalyst-driven fundamentalAsset Classes: Credit and Mortgage tradingDomicile: Cayman Islands

Fund name: Brevan Howard Asia Master Fund LimitedInception Date: 2004AUM: $2.04bn (est)Portfolio Manager: Kaspar ErnstStrategy: Global macro/relative valueAsset Classes: Fixed Income/FXDomicile: Cayman Islands

6Dedicated managed accounts AUM$49m (est.)

7aUCITS-compliant hedge fund AUM$2.34bn (est)

7bUCITS-compliant fundsBrevan Howard Investment Fund - Emerging Markets Local Fixed Income FundBrevan Howard Investment Fund II - Macro FX Fund

03

BlueCrest Capital Management


2 2011 ranking4

3Founded2000

4Founders/principalsMike Platt, Leda Braga

5Hedge fund(s)Fund name BlueCrest Capital InternationalInception date 12/2000AUM $12.20bnPortfolio manager(s) Mike PlattStrategy Global macroAsset classes Not disclosedDomicile Not disclosed

Fund name BlueTrendInception date 04/2004AUM $13.80bnPortfolio manager(s) Leda BragaStrategy Systematic trend followingAsset classes Not disclosedDomicile Not disclosed

Fund name AllBlueInception date 09/2005AUM $7.60bnPortfolio manager(s) Mike PlattStrategy Multi strategyAsset classes Not disclosedDomicile Not disclosed

6Dedicated managed accounts AUMNot disclosed

7aUCITS-compliant hedge fund AUMNot disclosed

7bUCITS-compliant fundsNot disclosed


3

06

Blackrock


2 2011 ranking2

3FoundedNot disclosed

4Founders/principalsLaurence Fink

5Hedge fund(s)Fund name: UK Emerging Companies Hedge FundInception Date: Not disclosedAUM: Not disclosedPortfolio Manager: Not disclosedStrategy: Equity Long/ shortAsset Classes: Not disclosedDomicile: Not disclosed

Fund name: UK Equity Hedge FundInception Date: Not disclosedAUM: Not disclosedPortfolio Manager: Not disclosedStrategy: Equity long/ shortAsset Classes: Not disclosedDomicile: Not disclosed

Fund name: EOSInception Date: Not disclosedAUM: Not disclosedPortfolio Manager: Not disclosedStrategy: Not disclosedAsset Classes: Equity long/ shortDomicile: Not disclosed

Fund name: Fixed Income Global AlphaInception Date: Not disclosedAUM: Not disclosedPortfolio Manager: Not disclosedStrategy: Fixed income multi-strategyAsset Classes: Not disclosedDomicile: Not disclosed 6Dedicated managed accounts AUMNot disclosed


7bUCITS-compliant fundsUK Absolute AlphaEuropean Absolute ReturnEuropean Credit StrategiesEDEAR

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08

Brummer & Partners


2 2011 ranking7

3Founded1996

4Founders/principalsPatrik Brummer, Per Josefsson, Peter Thelin, Svante Elfving, Kent Janér, Klaus Jäntti, Torbjörn Olofsson

5Hedge fund(s)Fund name: LynxInception Date: 05/2000AUM: $5.5bnPortfolio Manager: Svante Bergström, Jonas Bengtsson, Martin Sandquist, Anders Holst, Jesper SandinStrategy: Managed FuturesAsset Classes: FuturesDomicile: Sweden/Bermuda

Fund name: NektarInception Date: 01/1998AUM: $3.4bnPortfolio Manager: Kent Janér, Kerim Kaskal, Torbjörn Olofsson, Thomas Andersson, Fredrik Attefall, Martin Larsén, Patrik Olsson, Thomas Orbert, Ralf Seibel, Domenico Veronese, Dirk WiemerStrategy: Fixed income relative value/MacroAsset Classes: Fixed incomeDomicile: Sweden/Bermuda

Fund name: ZenitInception Date: 07/1996AUM: $1.5bnPortfolio Manager: Martin Jonsson, Tom Hedges, Stephen IrvineStrategy: Global Long/Short EquityAsset Classes: Global equitiesDomicile: Sweden

Fund name: FuturisInception Date: 10/1999AUM: $1.2bnPortfolio Manager: Arne Vaagen, Karl-Mikael Syding, Mattias NilssonStrategy: European Long/Short EquityAsset Classes: European equitiesDomicile: Sweden

Fund name: ObservatoryInception Date: 07/2004AUM: $913mPortfolio Manager: Shazad Ghaffar, Salman Khan, Edward ZeeStrategy: Fixed income-focused long/short creditAsset Classes: Fixed income, CreditDomicile: Cayman Islands


7aUCITS-compliant hedge fund AUM$140m


07

GAM


2 2011 ranking6

3Founded1983

4Founders/principalsDavid M. Solo, Nicholas Beverley, Steven Brennan, Andrew Hanges, David Smith, Scott Sullivan, Graham Wainer, Craig Wallis

5Hedge fund(s)Fund name: Absolute Return Bond StrategiesInception Date: 04/2004AUM: $11.7bnPortfolio Manager: Tim Haywood, Daniel SheardStrategy: Absolute ReturnAsset Classes: Multi-strategy fixed incomeDomicile: Luxembourg (SICAV)

Fund name: GAM Global Rates and Discretionary FX StrategyInception Date: 01/2004AUM: $2.0bnPortfolio Manager: Adrian OwensStrategy: Absolute ReturnAsset Classes: Macro/managed futures and currencyDomicile: Ireland (UCITS), Cayman Islands (Offshore)

Fund name: GAM Emerging Market Rates StrategyInception Date: 11/2004AUM: $805mPortfolio Manager: Paul McNamara, Caroline Gorman, Denise PrimeStrategy: Absolute ReturnAsset Classes: Macro/Managed FuturesDomicile: Ireland (UCITS), Cayman Islands (Offshore)

Fund name: GAMut InvestmentsInception Date: 07/1986AUM: $419mPortfolio Manager: Caxton Associates LPStrategy: Absolute ReturnAsset Classes: Macro/managed futuresDomicile: British Virgin Islands

Fund name: GAM Keynes Quantitative StrategiesInception Date: 04/2010AUM: $373mPortfolio Manager: Dr Sushil Wadhwani, Wadhwani Asset ManagementStrategy: Absolute returnAsset Classes: Macro/Managed FuturesDomicile: Ireland (UCITS)

6Dedicated managed accounts AUM$1.15bn (figure as at 31.12.11)


7bUCITS-compliant fundsGAM Star umbrella, Julius Baer Absolute Return Bond family of funds

05

Standard Life Investments


2 2011 ranking9

3Founded1998

4Founders/principalsNot disclosed

5Hedge fund(s)Fund name: Standard Life Global Absolute Return Strategies FundInception Date: 12/06/06AUM: $18.48bnPortfolio Manager: Euan Munro, Guy Stern, David Millar & David JubbStrategy: Absolute ReturnAsset Classes: Equities, fixed interest, real estate, interest rates, derivatives, cashDomicile: UK

Fund name: Standard Life Global SICAV Global Absolute Return Strategies FundInception Date: 26/01/11AUM: $2.69bnPortfolio Manager: Euan Munro, Guy Stern, David Millar & David JubbStrategy: Absolute ReturnAsset Classes: Equities, fixed interest, real estate, interest rates, derivatives, cashDomicile: Luxembourg



7bUCITS-compliant fundsStandard Life Global SICAV Global Absolute Return Strategies FundStandard Life Global Absolute Return Strategies Fund (Unit Trust)


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09

Capula Global


2 2011 ranking11

3Founded2005

4Founders/principalsYan Huo, Masao Asai

5Hedge fund(s)Fund name: Capula Global Relative Value FundInception Date: 10/2005AUM: Not disclosedPortfolio Manager: Not disclosed Strategy: FI relative valueAsset Classes: Not disclosedDomicile: Cayman Islands

Fund name: Capula Tail Risk FundInception Date: 03/2010AUM: Not disclosedPortfolio Manager: Not disclosedStrategy: Macro/defensive macroAsset Classes: Not disclosedDomicile: Cayman Islands

6Dedicated managed accounts AUMN/A

7aUCITS-compliant hedge fund AUMN/A

7bUCITS-compliant fundsN/A

11

Lansdowne


2 2011 ranking8

3Founded1998

4Founders/principalsSir Paul Ruddock, Steven Heinz

5Hedge fund(s)Fund name: Lansdowne Developed Markets FundInception Date: 08/2001AUM: $6.8bnPortfolio Manager: Not disclosedStrategy: Long/Short EquityAsset Classes: Not disclosedDomicile: Cayman Islands/US

Fund name: Lansdowne Global Financials Fund Inception Date: 07/2004AUM: $1.2bnPortfolio Manager: Not disclosedStrategy: Long/Short EquityAsset Classes: Not disclosedDomicile: Cayman Islands/US

Fund name: Lansdowne European Equity FundInception Date: 11/2002 AUM: $734mPortfolio Manager: Not disclosedStrategy: Long/Short EquityAsset Classes: Not disclosedDomicile: Cayman Islands/US

Fund name: Lansdowne UK Strategic Investment Fund Inception Date: 07/2007 AUM: $520mPortfolio Manager: Not disclosedStrategy: Long EquityAsset Classes: Not disclosedDomicile: Cayman Islands/US

Fund name: Lansdowne European Long Only FundInception Date: 01/2005 AUM: $272mPortfolio Manager: Not disclosedStrategy: Long EquityAsset Classes: Not disclosedDomicile: Cayman Islands/US




12

Transtrend


2 2011 ranking10

3Founded1991

4Founders/principalsJoep van den Broek, Harold de Boer, Mark van Dongen, Andre Honig

5Hedge fund(s)Fund name: Diversified Trend ProgramInception Date: 06/1992AUM: $9.7bnPortfolio Manager: Not disclosedStrategy: Managed futuresAsset Classes: Not disclosedDomicile: Not disclosed

Fund name: Equity Trend ProgramInception Date: 01/2007AUM: $33mPortfolio Manager: Not disclosedStrategy: Systematic long/short equityAsset Classes: Not disclosedDomicile: Not disclosed




10

Amundi


2 2011 rankingN/A

3Founded2010

4Founders/principalsLaurent Guillet, Franck Dargent, Luc Martin, Sylvie Dehove (Amundi Alternative Investments), Gilbert Keskin & Eric Hermitte (UCITS Volatility) & Laurent Crosnier, Markus Krygier & Fabio Castaldi (UCITS VaR)

5Hedge fund(s)Fund name: Amundi Alternatives TIG Arbitrage Associates Enhanced (Managed Account)Inception Date: 05/2011AUM: $139mPortfolio Manager: Drew FigdorStrategy: Merger Arbitrage US focusing on announced and international M&A transactions onlyAsset Classes: Equities, equity swaps, CFDs and convertible bonds instruments. Currency forward are used for hedging purposes.Domicile: Ireland

Fund name: Amundi Alternatives Jana Nirvana (Managed Account)Inception Date: 09/2011AUM: $151mPortfolio Manager: Barry Rosenstein, Gary ClaarStrategy: Event Driven US - Value catalyst strategyAsset Classes: Invests in companies that are undergoing change or misunderstood by the market traded at a discountDomicile: Ireland

Fund name: Macquarie Equity Market Neutral AsiaInception Date: 12/2009AUM: $263.6mPortfolio Manager: Nick Bird, Andrew AlexanderStrategy: Equity Market Neutral Pan-AsiaAsset Classes: Primarily invested in equities, equity-linked securities (CFD and index futures) and foreign exchangeDomicile: Bermuda

6Dedicated managed accounts AUM$3.2bn (Amundi AI & Amundi – UCITS funds)

7aUCITS-compliant hedge fund AUM$9.07bn (Amundi – UCITS funds)

7bUCITS-compliant fundsAmundi Funds Absolute Volatility Euro EquitiesAmundi Funds Absolute Volatility World EquitiesAmundi Funds Absolute Volatility ArbitrageAmundi Funds Absolute Volatility Arbitrage PlusAmundi Funds Absolute Var 2 (EUR)Amundi Funds Absolute VAR 4 (EUR)

(NB: figures as at end March 2012)


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15

Cevian Capital


2 2011 ranking20

3Founded2002

4Founders/principalsChrister Gardell, Lars Förberg

5Hedge fund(s)Fund name: Cevian Capital IIInception Date: 07/2006AUM: $5.92 bnPortfolio Manager: Christer Gardell, Lars FörbergStrategy: Operational Activist (Europe-focused)Asset Classes: EquityDomicile: Cayman Islands




16

Aspect Capital


2 2011 ranking24

3Founded1997

4Founders/principalsAnthony Todd, Martin Lueck, John Wareham, Kenneth Hope, Barney Dalton, Jean-Michel Fayolle

5Hedge fund(s)Fund name: Aspect Diversified FundInception Date: 12/1998AUM: $1.3bnProgramme: $6.8bnPortfolio Manager: Aspect Capital LimitedStrategy: Systematic, managed futuresAsset Classes: US Dollar, Euro, Australian Dollar, Japanese Yen, Sterling, Swiss Franc, Canadian DollarDomicile: Cayman Islands

Fund name: Aspect Diversified Trends FundInception Date: 12/2010AUM: $702mPortfolio Manager: Aspect Capital LimitedStrategy: Systematic, managed futures (UCITS-compliant)Asset Classes: US Dollar, Sterling, Euro, Swiss Franc, Swedish KronaDomicile: Ireland



7bUCITS-compliant fundsAspect Diversified Trends Fund

13

Polygon Investment Group


2 2011 ranking17

3Founded2002

4Founders/principalsReade Griffith, Paddy Dear

5Hedge fund(s)Fund name: European Equity Opportunity FundInception Date: 07/2009AUM: Not disclosedPortfolio Manager: Reade Griffith and Nicolas DautignyStrategy: European event driven equitiesAsset Classes: EquityDomicile: Cayman Islands

Fund name: Convertible Opportunity FundInception Date: 05/2009AUM: Not disclosedPortfolio Manager: Mike Humphries and Rob DorfmanStrategy: Event driven convertible bondsAsset Classes: Convertible bondsDomicile: Cayman Islands

Fund name: Mining Opportunity FundInception Date: 05/2012AUM: Not disclosedPortfolio Manager: Peter Bell and Mike HumphriesStrategy: Long/short equityAsset Classes: EquitiesDomicile: Cayman Islands

Fund name: TetragonInception Date: 08/2005AUM: Not disclosedPortfolio Manager: Not disclosedStrategy: Long-term funding vehicles such as CLOsAsset Classes: Selected securitized asset classesDomicile: Guernsey

Fund name: LCMInception Date: 08/2001AUM: Not disclosedPortfolio Manager: Farboud TavangarStrategy: US loansAsset Classes: Fixed incomeDomicile: Not disclosed




14

CQS


2 2011 ranking16

3Founded1999

4Founders/principalsMichael Hintze

5Hedge fund(s)Fund name: ABSInception Date: 10/2006AUM: $2.1 bnPortfolio Manager: Ali LumsdenStrategy: Long/short relative valueAsset Classes: Not disclosedDomicile: Cayman Islands

Fund name: Directional Opportunities FundInception Date: 08/2005AUM: $1.4 bnPortfolio Manager: Michael HintzeStrategy: Directional multi-strategyAsset Classes: Not disclosedDomicile: Cayman Islands

Fund name: Convertible and Quantitative Strategies FundInception Date: 03/2000AUM: $0.57 bnPortfolio Manager: Michael HintzeStrategy: Convertible ArbitrageAsset Classes: Not disclosedDomicile: Cayman Islands

Fund name: Diversified FundInception Date: 03/2007AUM: $0.62 bnPortfolio Manager: Peter Warren, James Peatties Strategy: Multi-strategyAsset Classes: Not disclosedDomicile: Cayman Islands



7bUCITS-compliant fundsJP Morgan Mansart Investments CQSConvertible Alpha FundSchroders GAIA CQS Credit Long Short Fund


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20

Cheyne


2 2011 ranking15

3Founded1999

4Founders/principalsJonathan Lourie, Stuart Fiertz, Chris Goekjian

5Hedge fund(s)Fund name: Cheyne Real Estate Debt FundInception Date: 10/2009AUM: Not disclosedPortfolio Manager: Shamez Alibhai, Ravi StickneyStrategy: European real estate debtAsset Classes: Not disclosedDomicile: Not disclosed

Fund name: Cheyne Total Return Credit FundInception Date: 07/2006AUM: Not disclosedPortfolio Manager: John Weiss, David PeacockStrategy: Long-only actively managed corporate creditAsset Classes: Not disclosedDomicile: Not disclosed

Fund name: Cheyne European Event Driven FundInception Date: 10/2009AUM: Not disclosedPortfolio Manager: Simon Davies, Michel MassoudStrategy: European event drivenAsset Classes: Not disclosedDomicile: Not disclosed

Fund name: Cheyne Equity FundInception Date: 03/2011 AUM: Not disclosedPortfolio Manager: Edward White, Moni Sternbach, Ani BanerjeeStrategy: Long/short equityAsset classes: Not disclosedDomicile: Not disclosed

Fund name: Cheyne Convertibles Absolute Return FundInception Date: 12/2009AUM: Not disclosedPortfolio Manager: Akin Akinloye, Annelie FearonStrategy: Fundamentally driven convertible bond investingAsset Classes: Not disclosedDomicile: Not disclosed



7bUCITS-compliant fundsCheyne Convertibles Absolute Return FundCheyne European Real Estate Bond FundCheyne Global Credit Fund

18

Marshall Wace


2 2011 ranking20

3Founded1997

4Founders/principalsIan Wace, Paul Marshall

5Hedge fund(s)Fund name: MW EurekaInception Date: 01/1998AUM: $2.49bnPortfolio Manager: Paul MarshallStrategy: Long/short equityAsset Classes: EquityDomicile: Ireland

Fund name: MW CoreInception Date: 07/2002AUM: $1.02bnPortfolio Manager: Ernesto FragomeniStrategy: Long/short equityAsset Classes: EquityDomicile: Ireland

Fund name: MW Market Neutral TOPSInception Date: 11/2007AUM: $939mPortfolio Manager: Anthony ClakeStrategy: Equity market neutralAsset Classes: EquityDomicile: Ireland

Fund name: MW Global OpportunitiesInception Date: 02/2009AUM: $927mPortfolio Manager: Fehim SeverStrategy: Long/short equityAsset Classes: EquityDomicile: Ireland

Fund name: MW European TOPSInception Date: 07/2002AUM: $921mPortfolio Manager: Anthony ClakeStrategy: Long/short equityAsset Classes: EquityDomicile: Ireland




19

TCI The Children’s Investment

Fund Management

1Total AUM (as at 30.06.12)$6.5bn (est)

2 2011 ranking18

3Founded2003

4Founders/principalsChris Hohn

5Hedge fund(s)Fund Name: The Children’s Investment Master FundInception Date: Not disclosedAUM: Not disclosedPortfolio Manager: Chris HohnStrategy: ActivistAsset classes: Not disclosedDomicile: Not disclosed




17

Henderson Global Investors


2 2011 ranking13

3Founded1934

4PrincipalsRupert Pennant-Rea, Andrew Formica, Shirley Garrood, David Jacob, James Darkins, Duncan Ferguson, Tim How, Robert Jeens, Kevin Dolan

5Hedge fund(s)Fund name: AlphaGen VolantisInception Date: 05/2002AUM: $470mPortfolio Manager: Adam McConkey, Rob GilesStrategy: UK Small Cap Equity Long/ShortAsset Classes: EquitiesDomicile: Cayman Islands

Fund name: AlphaGen OctanisInception Date: 03/2005AUM: $407mPortfolio Manager: Ben Wallace, Luke NewmanStrategy: UK Equity Long/ShortAsset Classes: EquitiesDomicile: Cayman Islands

Fund name: AlphaGen HokutoInception Date: 11/2000AUM: $366mPortfolio Manager: John Stewart, Robert TullStrategy: Japan Equity Long/ShortAsset Classes: EquitiesDomicile: Cayman Islands

Fund name: Asia Pacific Absolute Return FundInception Date: 11/2000AUM: $303mPortfolio Manager: John Crawford, Andrew MattockStrategy: Asia Pacific ex-Japan Equity Long/ShortAsset Classes: EquitiesDomicile: Cayman Islands

6Dedicated managed accounts AUM$604m (est.)


7bUCITS-compliant fundsHenderson Horizon Pan European Alpha FundHenderson Gartmore European Equity Long Short FundHenderson Gartmore United Kingdom Absolute Return Fund Henderson Gartmore Japan Absolute Return Fund Henderson Horizon China FundHenderson European Absolute Return Fund Henderson UK Absolute Return FundHenderson Japan Absolute Return Fund Henderson Credit Alpha Fund


7

21=

Dexia AM


2 2011 ranking12

3Founded1996

4Founders/principalsNaïm Abou-Jaoudé, Fabrice Cuchet

5Hedge fund(s)Fund name: Dexia Index ArbitrageInception Date: 09/2003AUM: $1,827mPortfolio Manager: E. TerrazStrategy: Index arbitrageAsset Classes: Long/short equities Domicile: France

Fund name: Dexia World Alternative AlphamaxInception Date: 07/2001AUM: $411mPortfolio Manager: J-G Nicolay, M.FerrandStrategy: Multi-strategy FoHFAsset Classes: DiversifiedDomicile: Luxembourg

Fund name: Dexia Long Short Risk ArbitrageInception Date: 03/1999AUM: $203mPortfolio Manager: S. ElkriefStrategy: Event drivenAsset Classes: Long/short equitiesDomicile: France

Fund name: Dexia Long Short CreditInception Date: 10/2009AUM: $176mPortfolio Manager: Philippe Noyard / Patrick ZeenniStrategy: Arbitrage (long and short)Asset Classes: Long/Short CreditDomicile: France

Fund name: Dexia World Alternative Alpha DynamicInception Date: 12/2002AUM: $153mPortfolio Manager: J-G Nicolay, M.FerrandStrategy: Multi-strategy FoHFAsset Classes: DiversifiedDomicile: Luxembourg



7bUCITS-compliant funds (top 10)Dexia Index ArbitrageDexia Long Short Risk ArbitrageDexia Long Short CreditDexia Diversified FuturesDexia Long Short Emerging DebtDMM AlternativeDexia Global AlphaDexia Global OpportunitiesDexia Long Short Double Alpha FDexia Risk Arbitrage

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21=

Capital Fund Management


2 2011 ranking34

3Founded1991

4Founders/principalsJean-Philippe Bouchaud, Philippe Jordan, Marc Potters & Jacques Saulière

5Hedge fund(s)Fund name: StratusInception Date: 2003AUM: $4.3 bnPortfolio Manager: Team-managedStrategy: Directional trading, equity statistical arbitrage, equity volatility arbitrage, directional volatilityAsset Classes: Futures, bonds, FX, equities, options Domicile: BVI, Cayman and Delaware

Fund name: DiscusInception Date: 1991AUM: $3.3bnPortfolio Manager: Team-managedStrategy: Quantitative managed futuresAsset Classes: Futures, FXDomicile: BVI

6Dedicated managed accounts AUM$656m



24

Aquila Capital


2 2011 ranking32

3Founded2001

4Founders/principalsDr. Dieter Rentsch, Roman Rosslenbroich

5Hedge fund(s)Fund name: AC Risk Parity 7 FundInception Date: 2004Portfolio Manager: Harold Heuschmidt, Aquila Capital Quant TeamStrategy: Multi-asset risk parityAsset Classes: Commodities, bonds, equitiesDomicile: Luxembourg

Fund name: AC Risk Parity 12 FundInception Date: 2008Portfolio Manager: Harold Heuschmidt, Aquila Capital Quant TeamStrategy: Multi-asset risk parityAsset Classes: Commodities, bonds, equitiesDomicile: Luxembourg

Fund name: AC Quant - Spectrum FundInception Date: 2010Portfolio Manager: Dr. Jan Auspurg, Aquila Capital Quant TeamStrategy: “Trend Plus” CTAAsset Classes: Stock index, bond, interest rate, currency, commodity marketsDomicile: Luxembourg



7bUCITS-compliant fundsAC Risk Parity 7 FundAC Risk Parity 12 FundAC Quant - Spectrum Fund

23

COMAC


2 2011 ranking24

3Founded2005

4Founders/principalsColm O’Shea, Founding Partner and CIO

5Hedge fund(s)Fund name: COMAC Master Fund LimitedInception Date: 06/2006AUM: $4.93bnPortfolio Manager: Colm O’SheaStrategy: Global MacroAsset Classes: Not disclosedDomicile: Cayman Islands





8

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28

Egerton Capital


2 2011 ranking33

3Founded1994

4Founders/principalsJohn Armitage (Founder and CIO)Jay Huck (Partner and Investment Committee member)Ralph Kanza (Chairman and Investment Committee member)Marcello Sallusti (Partner and Investment Committee member)Paul Tucker (Partner and Investment Committee member)Jeff Blumberg (Partner and CEO)Mark Standish (Partner and COO)

5Hedge fund(s)Fund name: The Egerton European Dollar Fund LimitedInception Date: 12/1994AUM: $1,418mPortfolio Manager: John Armitage and teamStrategy: Equity long/shortAsset Classes: Base currency is USD. The only open class is Class E (until after the 01 Oct 2012 dealing day, when the fund will close, except to replace redemptions).Domicile: BVI

Fund name: The Egerton European Equity Fund LimitedInception Date: 09/1994AUM: $770mPortfolio Manager: John Armitage and teamStrategy: Equity long/shortAsset Classes: Base currency is EUR. The only open class is Class B (until after the 01 Oct 2012 dealing day, when the fund will close, except to replace redemptions).Domicile: BVI

Fund name: Egerton Capital Partners, L.P.Inception Date: 09/1994AUM: $452mPortfolio Manager: John Armitage and teamStrategy: Equity long/shortAsset Classes: Base currency is USD. The only open series is Series B15% (until after the 01 Oct 2012 dealing day, when the fund will close, except to replace redemptions).Domicile: USA



7bUCITS-compliant fundsSchroder GAIA Egerton Equity

25

Credit Suisse


2 2011 ranking28

3Founded1856


5Hedge fund(s)Fund name: Insurance Linked Strategies (Several funds)Inception Date: 10/2006AUM: $4.1 bnPortfolio Manager: Niklaus HiltiStrategy: Insurance-linkedAsset Classes: InsuranceDomicile: Guernsey and Cayman Islands

Fund name: European Small and Mid Cap Opportunity FundInception Date: 09/2007AUM: $259 mPortfolio Manager: Felix MeierStrategy: Equity Long/ShortAsset Classes: European small and mid cap equitiesDomicile: Guernsey and Luxembourg



7bUCITS-compliant fundsCredit Suisse SICAV One (Lux) Small and Mid Cap Alpha Long/Short

26

IPM Informed Portfolio Management


2 2011 ranking26 (-)

3Founded1998

4Founders/principalsAnders Lindell, Lars Ericsson

5Hedge fund(s)Fund name: IPM Systematic Macro (Cayman)Inception Date: 07/2006AUM: $105mPortfolio Manager: Systematic Investment ProcessStrategy: Global MacroAsset Classes: Equities, Bonds, CurrenciesDomicile: Cayman Islands

Fund name: IPM Systematic CurrencyInception Date: 04/2005AUM: $168mPortfolio Manager: Systematic Investment ProcessStrategy: Global MacroAsset Classes: CurrenciesDomicile: Cayman Islands

Fund name: IPM FX UCITS FundInception Date: 08/2010AUM: $86mPortfolio Manager: Systematic Investment ProcessStrategy: Global MacroAsset Classes: CurrenciesDomicile: Ireland



7bUCITS-compliant fundsIPM FX UCITS Fund

27

Spinnaker Capital


2 2011 ranking27 (-)

3Founded1999

4Founders/principalsAlexis Habib, Claude Marion, Bradley Wickens, Jorge Rosas

5Hedge fund(s)Fund name: Spinnaker Global Emerging Markets Fund (SGEM) Inception Date: 12/2000AUM: $1.62bnPortfolio Manager: Bradley WickensStrategy: Emerging Markets Multi-StrategyAsset Classes: Equity, bonds, currenciesDomicile: BVI

Fund name: Spinnaker Global Opportunity Fund (SGO)Inception Date: 02/2001AUM: $1.68bnPortfolio Manager: Jorge RosasStrategy: Emerging Markets MacroAsset Classes: Equity, bonds, currenciesDomicile: BVI





9

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29=

Clive Capital


2 2011 ranking31

3Founded2007


5Hedge fund(s)Not disclosed




31

Cantab


2 2011 rankingN/A

3Founded2006

4Founders/principalsDr Ewan Kirk, Erich Schlaikjer, Chris Pugh, Dr Tom Howat

5Hedge fund(s)Fund name: CCP Quantitative FundInception Date: 03/2007AUM: $1.4bnPortfolio Manager: Cantab CapitalStrategy: Managed Futures/CTAAsset Classes: Futures and FX forwardsDomicile: Cayman

Fund name: CCP Quantitative UCITS FundInception Date: 07/2012AUM: $170mPortfolio Manager: Cantab CapitalStrategy: Managed Futures/CTAAsset Classes: Futures and FX forwardsDomicile: Ireland



7bUCITS-compliant fundsCCP Quantitative UCITS Fund

29=

Arrowgrass


2 2011 ranking29 (-)

3Founded2008

4Founders/principalsNick Niell, Henry Kenner, Chris Wehbé, Andrew Billett, Michael Chung, Michael Edwards and Peter Darrell

5Hedge fund(s)Fund name: Arrowgrass Master FundInception Date: 02/2008AUM: $3.36 bnPortfolio Manager: Nick NiellStrategy: European-focused multi-strategyAsset Classes: Not disclosedDomicile: Cayman Islands

Fund name: Arrowgrass Distressed Opportunities FundInception Date: 07/2008AUM: $90.9 mPortfolio Manager: Michael ChungStrategy: European-focused distressedAsset Classes: Not disclosedDomicile: Cayman Islands

Fund name: Arrowgrass Equity Focus FundInception Date: 05/2009AUM: $27.2 mPortfolio Manager: Andrew BillettStrategy: European equity long/shortAsset Classes: Not disclosedDomicile: Cayman Islands




32=

Sloane Robinson


2 2011 ranking14

3Founded1993

4Founders/principalsHugh Sloane & George Robinson

5Hedge fund(s)Fund name: SR Global Fund (Class G) Emerging Markets Inception Date: 03/1996AUM: $1.3bnPortfolio Manager: Richard Chenevix-TrenchStrategy: Stock Selection, Macro Overlays, Active Balance Sheet ManagementAsset Classes: Equities, Derivatives, foreign exchange, cashDomicile: Cayman Islands

Fund name: SR Global Fund (Class C) International Inception Date: 01/1994AUM: $500mPortfolio Manager: Hugh SloaneStrategy: Stock Selection, Macro Overlays, Active Balance Sheet ManagementAsset Classes: Equities, derivatives, foreign exchange, cashDomicile: Cayman Islands

Fund name: SR Global Fund (Class B) AsiaInception Date: 01/1994AUM: $500mPortfolio Manager: Richard Chenevix-TrenchStrategy: Stock Selection, Macro Overlays, Active Balance Sheet ManagementAsset Classes: Equities, derivatives, foreign exchange, cashDomicile: Cayman Islands

Fund name: SR Phoenicia (Class A) PhoeniciaInception Date: 08/2001AUM: $140mPortfolio Manager: Richard AthertonStrategy: Stock Selection, Macro Overlays, Active Balance Sheet ManagementAsset Classes: Equities, derivatives, foreign exchange, cashDomicile: Cayman Islands

Fund name: SR Global Fund (Class M) FrontierInception Date: 01/2011AUM: $5mPortfolio Manager: Christopher MorrellStrategy: Stock Selection, Macro Overlays, Active Balance Sheet ManagementAsset Classes: Equities, derivatives, foreign exchange, cashDomicile: Cayman Islands





10

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35

PharoManagement


2 2011 ranking32

3Founded2000

4Founders/principalsGuillaume Fonkenell, Michael Skarbinski, Jeff Hanlon, Marcelo Castro

5Hedge fund(s)Fund name: Pharo Trading Fund, LtdInception Date: 12/2000AUM: $402,675,741Portfolio Manager: Guillaume FonkenellStrategy: Emerging MarketsAsset Classes: Foreign exchange, credit, interest rates, commodities and equities Domicile: Cayman Islands

Fund name: Pharo Macro Fund, LtdInception Date: 05/2005AUM: $2,228,793,980Portfolio Manager: Guillaume Fonkenell, Michael Skarbinski, Marcelo Castro and teamStrategy: Emerging MarketsAsset Classes: Foreign exchange, credit, interest rates, commodities and equitiesDomicile: Cayman Islands

Fund name: Pharo Gaia Fund, LtdInception Date: 12/2008AUM: $86,258,363Portfolio Manager: Guillaume Fonkenell, Michael Skarbinski, Marcelo Castro and teamStrategy: Emerging MarketsAsset Classes: Foreign exchange, credit, interest rates, commodities and equitiesDomicile: Cayman Islands




34

Insight Investment


2 2011 ranking36

3Founded2002


5Hedge fund(s)Fund name: Absolute Insight Credit FundInception Date: 06/2009AUM: $690.8mPortfolio Manager: Alex VeroudeStrategy: Multi-strategyAsset Classes: Corporate debt, structured credit, derivativesDomicile: Ireland

Fund name: Absolute Insight UK Equity Market Neutral FundInception Date: 02/2007AUM: $1,135.2mPortfolio Manager: Andrew Cawker, Richard Howarth, Iain Brown, David HeadlandStrategy: UK equitiesAsset Classes: Equities, equity derivatives, liquid/near cash assetsDomicile: Ireland

Fund name: Absolute Insight Currency FundInception Date: 02/2007AUM: $444.8mPortfolio Manager: Richard Nibloe, Max WahlStrategy: Global currencyAsset Classes: Exchange rate instruments, liquid/near cash assetsDomicile: Ireland

Fund name: Absolute Insight (multi-strategy) FundInception Date: 02/2007AUM: $545.0mPortfolio Manager: Reza Vishkai, Sonja UysStrategy: Multi-strategyAsset Classes: UCITS III absolute return funds, liquid assets, money market instrumentsDomicile: UK

Fund name: Absolute Emerging Market FundInception Date: 02/2007AUM: $431.8mPortfolio Manager: Colm McDonaghStrategy: Emerging marketsAsset Classes: Emerging market debt, derivatives, interest rate, exchange rate instrumentsDomicile: Ireland


7aUCITS-compliant hedge fund AUM$2,988.0m

7bUCITS-compliant fundsAbsolute Insight (Multi-Strategy) Fund

32=

Exane Asset Management

1Total AUM (as at 30.06.12)$3.0bn (est)

2 2011 ranking19

3Founded2001

4Founders/principalsPhilippe Sanlaville

5Hedge fund(s)Fund name: Exane ArchimedesInception Date: 09/2006AUM: $1.18bnPortfolio Manager: Gilles Lenoir, Cesar ZeitouniStrategy: Long/short equity (market neutral & fundamental)Asset Classes: Not disclosedDomicile: Not disclosed

Fund name: Exane TempliersInception Date: 03/2006AUM: $517mPortfolio Manager: Jean Francois Roussal, Stephane Arrouays, Henri Daniel SamamaStrategy: Long/short equity (market neutral & fundamental)Asset Classes: Not disclosedDomicile: Not disclosed

Fund name: Exane GulliverInception Date: 10/2001AUM: $491mPortfolio Manager: Frederic Gourdeau, Alexandre DergatcheffStrategy: Long/short equity (market neutral & fundamental)Asset Classes: Not disclosedDomicile: Not disclosed

Fund name: Exane CeresInception Date: 02/2007AUM: $539mPortfolio Manager: Charles-Henry NemeStrategy: Long/short equity (market neutral & fundamental)Asset Classes: Not disclosedDomicile: Not disclosed

Fund name: Exane MicromegasInception Date: 07/2006AUM: $279mPortfolio Manager: Jerome PoirelStrategy: Long/short equity (market neutral & fundamental)Asset Classes: Not disclosedDomicile: Not disclosed




36=

Louis Dreyfus Investment Group


2 2011 rankingN/A

3Founded1851

4Founders/principalsSerge Schoen (CEO)

5Hedge fund(s)Fund name: Louis Dreyfus Commodities Alpha Fund Inception Date: Not disclosedAUM: Not disclosedPortfolio Manager: Ian McIntosh Strategy: Soft commoditiesAsset Classes: Not disclosedDomicile: Not disclosed





11

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36=

Lombard Odier


2 2011 rankingN/A

3Founded2007

4Founders/principalsHubert Keller

5Hedge fund(s)Fund name: 1798 Fundamental Strategies Fund LtdInception Date: 11/2007AUM: $905mPortfolio Manager: Steven BulkoStrategy: Fundamentally-driven, equity-focused long/short fundAsset Classes: Hedge fundsDomicile: Cayman Islands

Fund name: 1798 AOG Energy FundInception Date: 12/2009AUM: $598mPortfolio Manager: Martin FischStrategy: Investing across the capital structure of energy companiesAsset Classes: Hedge fundsDomicile: Luxembourg

Fund name: LO Funds – Alternative BetaInception Date: 02/2009AUM: $284mPortfolio Manager: Jérôme TeiletcheStrategy: Replicates a diversified multi-strategy indexAsset Classes: Hedge fundsDomicile: Luxembourg

Fund name: LO Funds – 1798 Europe Equity Long/ShortInception Date: 07/2011AUM: $144mPortfolio Manager: Marc BataillonStrategy: Western European equity long/shortAsset Classes: Hedge fundsDomicile: Luxembourg

Fund name: 1798 US Special Situations FundInception Date: 05/2010AUM: $126mPortfolio Manager: Gary LehrmanStrategy: US-focused special situationsAsset Classes: Hedge fundsDomicile: Luxembourg



7bUCITS-compliant fundsLO Funds - 1798 Europe Equity Long/Short, Alternative Beta and Tactical Alpha

38

SEB Asset Management


2 2011 ranking23

3Founded1856

4Founder André Oscar Wallenberg

5Hedge fund(s)Fund name: SEB Asset Selection FundInception Date: 10/2006AUM: $1420mPortfolio Manager: Hans-Olov BornemannStrategy: Managed Futures / CTAAsset Classes: Not disclosedDomicile: Luxembourg

Fund name: SEB Räntefond AlphaInception Date: 05/2006AUM: $853mPortfolio Manager: Stefan Daberius, Jonas Molin, Christopher Grunditz Strategy: Fixed income, relative valueAsset Classes: Not disclosedDomicile: Finland

Fund name: SEB Hedge Fixed IncomeInception Date: 04/2001AUM: $309mPortfolio Manager: Stefan Daberius, Jonas Molin, Christopher Grunditz Strategy: Fixed income, relative valueAsset Classes: Not disclosedDomicile: Sweden

Fund name: SEB Asset Selection OpportunisticInception Date: 06/2009AUM: $53mPortfolio Manager: Hans-Olov BornemannStrategy: Managed Futures/CTAAsset Classes: Not disclosedDomicile: Luxemburg

Fund name: SEB Asset Selection DefensiveInception Date: 06/2009AUM: $38mPortfolio Manager: Hans-Olov BornemannStrategy: Managed Futures / CTAAsset Classes: Not disclosedDomicile: Luxemburg


7aUCITS-compliant hedge fund AUM$1,518m

7bUCITS-compliant fundsSEB Asset SelectionSEB Asset Selection DefensiveSEB Asset Selection OpportunisticSEB Asset Selection Original

40

Tyrus Capital


2 2011 ranking41

3Founded2009

4Founders/principalsTony Chedraoui

5Hedge fund(s)Fund name: Tyrus Capital Event FundInception Date: 10/2009AUM: $1.6bnPortfolio Manager: Tony ChedraouiStrategy: Event driven and equity-focusedAsset Classes: Not disclosedDomicile: Cayman Islands

Fund name: Tyrus Capital Opportunities FundInception Date: 04/2011AUM: $900mPortfolio Manager: Tony ChedraouiStrategy: Event driven and equity-focusedAsset Classes: Not disclosedDomicile: Cayman Islands




39

HSBC Global Asset Management


2 2011 ranking30

3Founded1973

4Founders/principalsSridhar Chandrasekharan, Global CEOJoanna Munro, CEO Asia PacificRudolph Apenbrink, CEO EuropeDeborah Hazell, CEO North AmericaPedro Bastos, CEO Latin AmericaChris Cheetham, Global CIOEdmund Stokes, Global Head of ProductGeorge Efthimiou, Global COOAlexa Coates, Chief Financial Officer

5Hedge fund(s)Fund name: HSBC GIF Global Emerging Market Debt Total ReturnInception Date: 11/1999AUM: $1.2bnPortfolio Manager: Guillermo OssesStrategy: Global fixed incomeAsset Classes: Emerging markets, currencies, equity, equity-linked securities, Domicile: Luxembourg

Fund name: HSBC Global Bond Market NeutralInception Date: 04/2009AUM: $ 457.4mPortfolio Manager: Jean-Charles BertrandStrategy: Global fixed incomeAsset Classes: Nominal government bonds, inflation-linked bonds and currenciesDomicile: Luxembourg

Fund name: HSBC European Alpha LeveredInception Date: 12/2007AUM: $423.8mPortfolio Manager: Michael O'Mara and Jakob NordestedtStrategy: European Equity (beta neutral via long/short positions)Asset Classes: Not disclosedDomicile: Cayman Islands

Fund name: HSBC Global MacroInception Date: 06/2007AUM: $171.8mPortfolio Manager: Jim Dunsford and Guillaume RabaultStrategy: Global multi-assetAsset Classes: Cash, equities, bonds and currenciesDomicile: Luxembourg

6Dedicated managed accounts AUM$52.8m

7aUCITS-compliant hedge fund AUM$1,489.6m

7bUCITS-compliant fundsHSBC GIF GEM Debt Total ReturnHSBC GIF Global MacroHSBC GIF Global CurrencyHSBC GIF GEM Equity Absolute ReturnHSBC European Equity Absolute Return


12

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44

TT International


2 2011 ranking39

3Founded1988

4Founders/principalsTim Tacchi

5Hedge fund(s)Fund name: TT International Global MacroInception Date: 09/1989AUM: $1.3bnPortfolio Manager: Tim TacchiStrategy: Global MacroAsset Classes: Not disclosed Domicile: Not disclosed

Fund name: TT Mid-Cap Europe Long/ShortInception Date: 07/2004AUM: $729.6mPortfolio Manager: David Grimbley and Vikram KumarStrategy: European mid-cap equities long/shortAsset Classes: Not disclosedDomicile: Not disclosed

Fund name: TT European Long/ShortInception Date: 09/2008AUM: $883.8mPortfolio Manager: Charles RoundellStrategy: European equities long/shortAsset Classes: Not disclosedDomicile: Not disclosed




42=

Jabre Capital


2 2011 ranking22

3Founded2006

4Founders/principalsPhilippe Jabre, Mark Cecil, Philippe Riachi

5Hedge fund(s)Fund name: JABCAP Multi Strategy FundInception Date: 02/2007AUM: Not disclosedPortfolio Manager: Philippe JabreStrategy: Multi-strategyAsset Classes: Multi-strategyDomicile: Cayman Islands

Fund name: JABCAP Global Convertible FundInception Date: 05/2007AUM: Not disclosedPortfolio Manager: Philippe Jabre Strategy: Convertible bondsAsset Classes: Convertible bondsDomicile: Cayman Islands

Fund name: JABCAP Global Balanced FundInception Date: 05/2007AUM: Not disclosedPortfolio Manager: Philippe JabreStrategy: Global equitiesAsset Classes: Global equitiesDomicile: Cayman Islands

Fund name: JABCAP EMEA FundInception Date: 10/2008AUM: Not disclosedPortfolio Manager: Carl TohmeStrategy: Emerging marketsAsset Classes: Equities & bondsDomicile: Cayman Islands

Fund name: JABCAP Event Driven FundInception Date: 11/2010AUM: Not disclosedPortfolio Manager: Ziad Tabet Strategy: Event drivenAsset Classes: EquitiesDomicile: Cayman Islands




42=

Odey Asset Management


2 2011 ranking38

3Founded1991

4Founders/principalsCrispin Odey, David Stewart, David Fletcher

5Hedge fund(s)Fund name: Odey European IncInception Date: 01/06/92AUM: $1124.42mPortfolio Manager: Crispin OdeyStrategy: Capital appreciationAsset Classes: Equities, commodities, bonds, currencyDomicile: Cayman Islands

Fund name: OEI MacInception Date: 21/02/94AUM: $576.99mPortfolio Manager: Crispin OdeyStrategy: Long-term cap, currenciesAsset Classes: Equities, commodities, bonds, currencyDomicile: Cayman Islands

Fund name: Giano CapitalInception Date: 31/10/94AUM: $37.56mPortfolio Manager: Michele RagazziStrategy: Large capAsset Classes: Equities, commodities, bonds, currencyDomicile: Cayman Islands

Fund name: Odey UK Absolute Return FundInception Date: 11/05/09AUM: $415.99mPortfolio Manager: James HanburyStrategy: Absolute returnAsset Classes: Equities, commodities, bonds, currencyDomicile: UK

Fund name: Odey Odyssey FundInception Date: 26/07/12AUM: $117.91mPortfolio Manager: Tim BondStrategy: Long-term capital growthAsset Classes: Equities, commodities, bonds, currencyDomicile: Ireland



7bUCITS-compliant fundsOdey Giano European Odey UK Absolute Return FundOdey Odyssey Fund

41

BlueBay Asset Management LLP


2 2011 ranking45

3Founded2001

4Founders/principalsHugh Willis, Mark Poole

5Hedge fund(s)Fund name: BlueBay Macro FundInception Date: 11/2009AUM: $1.1 bnPortfolio Manager: Neil Phillips, Jonathan FaymanStrategy: Global macroAsset Classes: EM focus, FX and ratesDomicile: Cayman Islands

Fund name: BlueBay Emerging Market Opportunity FundInception Date: 06/2007AUM: $170 mPortfolio Manager: David DowsettStrategy: Emerging MarketsAsset Classes: EM sovereign, local and hard currency debtDomicile: Luxembourg

Fund name: BlueBay Emerging Market Enhanced Opportunity FundInception Date: 05/2011AUM: $166 mPortfolio Manager: David Dowsett, Neil PhillipsStrategy: Emerging Markets with a macro overlayAsset Classes: EM sovereign, local and hard currency debt, global macroDomicile: Cayman Islands

Fund name: BlueBay Emerging Market Absolute Return Bond FundInception Date: 08/2010AUM: $154 mPortfolio Manager: David DowsettStrategy: Emerging MarketsAsset Classes: EM sovereign, local and hard currency debt, UCITS-compliantDomicile: Luxembourg

Fund name: BlueBay Distressed Opportunities FundInception Date: 12/2009AUM: $141 mPortfolio Manager: Iain Burnett, Richard CazenoveStrategy: DistressedAsset Classes: Enhanced yield, distressed, distressed restructuringDomicile: Cayman Islands



7bUCITS-compliant fundsBlueBay Emerging Market Absolute Return Bond Fund


13

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45

IKOS


2 2011 ranking43

3Founded1991

4Founders/principalsElena Ambrosiadou

5Hedge fund(s)Fund name: IKOS Futures StrategyInception Date: 05/1997AUM: $1.74bnPortfolio Manager: Not disclosedStrategy: Multi-strategy, Systematic Global MacroAsset Classes: Indices, currencies, commodities, interest rates and bondsDomicile: Cayman Islands

Fund name: IKOS FX StrategyInception Date: 10/1999AUM: $654.75mPortfolio Manager: Not disclosedStrategy: Systematic MacroAsset Classes: CurrenciesDomicile: Cayman Islands

Fund name: IKOS Hedge StrategyInception Date: 08/1998AUM: $125.35mPortfolio Manager: Not disclosedStrategy: Multi-strategyAsset Classes: International equities, indices, currencies, commodities, interest rates and bondsDomicile: Cayman Islands




47

Finisterre Capital


2 2011 ranking48

3Founded2002

4Founders/principalsPaul Crean, Frode Foss-Skiftesvik, Yan Swiderski, Rafael Biosse Duplan, Xavier Corin-Mick

5Hedge fund(s)Fund name: Finisterre Global Opportunity FundInception Date: 04/2006AUM: $458.7mPortfolio Manager: Yan Swiderski, Darren Walker, Devin Lo, Vadim SobolevskiStrategy: Emerging markets long/shortAsset Classes: Top-down macro/multi-strategyDomicile: Cayman Islands

Fund name: Finisterre Sovereign Debt FundInception Date: 04/2003AUM: $764.7mPortfolio Manager: Xavier Corin-Mick, Paul Crean and Boaz YaariStrategy: Emerging markets debt long/shortAsset Classes: Top-down macro, liquid instruments (external soverign debt & FX)Domicile: Cayman Islands

Fund name: Finisterre Credit FundInception Date: 07/2007AUM: $245.6mPortfolio Manager: Rafael Biosse-Duplan, Rahul Sharma and Alex WilliamsonStrategy: Emerging markets debt long/shortAsset Classes: Bottom-up corporate debtDomicile: Cayman Islands

6Dedicated managed accounts AUM$94.0m



48

Prologue Capital


2 2011 ranking54

3Founded2006

4Founders/principalsDavid Lofthouse, Graham Walsh

5Hedge fund(s)Fund name: Prologue Fund LP (Cayman Master Fund)Inception Date: 23/12/05AUM: $1,689,358,335.28Portfolio Manager: David Lofthouse, Graham WalshStrategy: Global Fixed Income TradingAsset Classes: Governments bonds and their underlying exchange traded and OTC instruments, FX, agency MBS’s, commodity, equity & credit indicesDomicile: Cayman Islands, Delaware




46

Threadneedle Investments


2 2011 ranking36

3Founded1994

4Founders/principalsCrispin Henderson

5Absolute return fund(s)Fund name: Threadneedle Absolute Return Bond FundInception Date: 10/2005AUM: $698.3mPortfolio Manager: Matthew CobonStrategy: Fixed income absolute returnAsset Classes: Government and corporate bonds, currencies, cashDomicile: UK

Fund name: Threadneedle Credit Opportunities FundInception Date: 04/2009AUM: $434.3mPortfolio Manager: Barrie WhitmanStrategy: Fixed income absolute returnAsset Classes: Government and corporate bondsDomicile: UK

Fund name: Threadneedle Target Return FundInception Date: 04/2006AUM: $348.7mPortfolio Manager: Matthew CobonStrategy: Fixed income absolute returnAsset Classes: Government and corporate bonds, currencies, cashDomicile: UK

Fund name: Threadneedle (Lux) American Absolute Alpha FundInception Date: 06/2010AUM: $119.2mPortfolio Manager: Stephen MooreStrategy: Long/short equityAsset Classes: North American equitiesDomicile: Luxembourg



7bUCITS-compliant fundsThreadneedle UK Absolute Alpha FundThreadneedle (Lux) European Absolute Alpha FundThreadneedle Absolute Return Bond FundThreadneedle (Lux) American Absolute Alpha FundThreadneedle Credit Opportunities FundThreadneedle (Lux) Absolute Emerging Market Macro FundThreadneedle (Lux) European Smaller Companies Absolute Alpha FundThreadneedle Target Return FundThreadneedle (Lux) Target Return FundThreadneedle (Lux) Global Opportunities Bond Fund


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49

Boussard and Gavaudan


2 2011 ranking46

3Founded2002

4Founders/principalsEmmanuel Boussard, Emmanuel Gavaudan

5Hedge fund(s)Fund name: BG Master Fund plcInception Date: 03/2003AUM: $1.5bnPortfolio Manager: Emmanuel Boussard, Emmanuel GavaudanStrategy: Multi-strategyAsset Classes: Not disclosedDomicile: Ireland




50

M&G


2 2011 ranking39

3Founded2005


5Hedge fund(s)Fund name: The Episode FundInception Date: 08/2005AUM: $477mPortfolio Manager: Dave FishwickStrategy: Global MacroAsset Classes: Not disclosedDomicile: Grand Cayman



7bUCITS-compliant fundsM&G Macro Episode Fund

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