Institutional Investor's Alpha Magazine - May 2008 - (Page 52)

better than it used to on product offerings. Before the ﬁrm merged with JPMorgan, for example (back when Highbridge was a $7 billion pipsqueak), it offered three funds to investors. Now it has 16. And the ﬁrm continues to expand its offerings, with plans to launch an energy-driven hedge fund. Other top-ten ﬁrms include No. 4, East Setauket, New York–based Renaissance Technologies Corp., James Simons’ perennial juggernaut, $7.3 billion bigger than it was in the 2007 ranking, despite a capital outﬂow toward the end of the year. New York–based Och-Ziff Capital Management Group, No. 5, grew in part by going public (see “Welcome to OZ,” page 24). No. 6–ranked New York–based D.E. Shaw Group managed to overcome troubles with its quant strategies last summer; its assets grew 18 percent. Goldman Sachs Asset Management, No. 7 and also based in New York, was hit hard by the credit crunch and is the only topten ﬁrm that is managing less money than it did a year ago. London-based hedge funds claim six of the top 20 spots — up from four a year ago — a sign that enthusiasm for hedge funds is growing in the U.K. “What’s going on in the U.K. is that they’ve simply been behind the U.S. in investing in these types of products,” says Ogier’s Bergstrom. “Hedge funds are becoming RANK 2008 2007 FIRM/FUND NAME(S) 53 53 53 56 54 Black River Asset Mgmt (Minnetonka, MN) 70 Eton Park Capital Mgmt (New York, NY) Master Fund 36 Highﬁelds Capital Mgmt (Boston, MA) 65 Marathon Asset Mgmt (New York, NY) Special Opportunity Fund Structured Finance Fund LP Structured Finance Fund Ltd. Master Fund Real Estate Opportunity Fund — BlackRock (New York, NY) Natural Resources Hedge Fund U.K. Emerging Companies Hedge Fund Eurasian Frontiers Fund European Opportunities Hedge Fund Agriculture Fund 45 AQR Capital Mgmt (Greenwich, CT) 46 Duquesne Capital Mgmt (Pittsburgh, PA) 36 Wellington Capital Mgmt Co. (Boston, MA) 57 Elliott Mgmt Corp. (New York, NY) Elliott International Elliott Associates — Mariner Investment Group (Harrison, NY) Mariner Select 86 CQS (U.K.) (London, U.K.) Convertible & Quantitative Strategies Feeder Fund Capital Structure Arbitrage Feeder Fund Asia Feeder Fund Directional Opportunities Feeder Fund ABS Feeder Fund 58 83 52 AllianceBernstein (New York, NY) Fairﬁeld Greenwich Group (New York, NY) Cantillon Capital Mgmt (New York, NY) World Europe U.S. Paciﬁc Firm/fund Return capital net of ($ millions) fees (%) $11,000 11,000 35 % 11,000 7 10,975 7 3,000 1,750 1,750 1,250 800 10,300 882 632 611 435 253 10,000 10,000 * 10,000 * 9,937 5,722 4,215 9,857 974 9,681 4,073 880 540 453 182 9,500 9,500 9,401 4,422 3,330 1,177 470 23.8 16.0 16.7 0.4 8.04 2.10 11.4810 23.73 45.18 32.1 32.1 9.1 4.08 2.3 –1.62 1.36 19.46 18.01 19.14 7.47 8.92 9 RANK 2008 2007 FIRM/FUND NAME(S) 67 53 Morgan Stanley Investment Mgmt (New York, NY) FrontPoint Partners (Greenwich, CT) Multi-Strategy Funds Utility and Energy Funds Healthcare Funds Financial Services Funds Asia Paciﬁc Fund 65 Silver Point Capital (Greenwich, CT) 82 GoldenTree Asset Mgmt (New York, NY) Master Fund Credit Opportunities Master Fund Master Fund II MultiStrategy Funds European Select Opportunities Fund 64 Glenview Capital Mgmt (New York, NY) Glenview Capital GCM Little Arbor Glenview Opportunity 74 Viking Global Investors (Greenwich, CT) 61 Sparx Group Co. (Tokyo, Japan) Long-Short Strategy Value Creation Investment Strategy Strategic Investment Strategy Cosmo Investment Mgmt Co. (Seoul, South Korea) Korean Index-Relative strategy Korean Active Strategy Korea Long-Short Strategy Korea Strategic Investment Strategy PMA Capital Mgmt (Central Hong Kong) Asian Equity Strategy Asia/Europe Credit Strategy Asian Macro Strategy 59 ADI Gestion (Paris, France) Kallista CB Arbitrage Fund Kallista Credit Arbitrage Fund 74 15 Campbell & Co. (Towson, MD) Composite Financial, Metal & Energy Large Portfolio Global Diversiﬁed Large Portfolio Firm/fund Return capital net of ($ millions) fees (%) $9,300 9,300 2,638 2,482 1,850 1,593 622 9,300 7 9,200 4,770 1,785 804 635 442 9,000 6,500 1,200 900 9,000 8,802 11 1,437 11 900 11 494 11 3,267 11 1,609 11 863 11 446 11 200 11 2,704 11 1,539 11 1,077 11 88 11 8,789 1,162 672 8,700 –13.31 –13.35 –12.89 5.56 –17.81 4.59% 6.81 4.82 3.89 5.96 24 12.5 75 41 67 69 57 70 58 58 58 61 70 72 62 63 64 64 66 73 7 As of January 1, 2008. 9 Since October 2, 2007, inception. 10 Since May 1, 2007, inception. 11 Converted from yen at December 31, 2007, exchange rate. 52 • INSTITUTIONAL INVESTOR’S ALPHA • MAY 2008

Table of Contents Feed for the Digital Edition of Institutional Investor's Alpha Magazine - May 2008

Institutional Investor's Alpha Magazine - May 2008 Contents Letter from the Editor Longs & Shorts Pension Corner: Send in the Clones The Good Guys: Outside the Box Cover Story: Welcome to Oz Interview: The Tipping Point Regulation: When Sentinels Go Astray Strategies: Taking Credit Research Center: The Hedge Fund 100 Book Excerpt: Shoot the Messenger Alpha Bytes: VaR Enough? Unhedged: Commentary: Not Your Father's Activist

Institutional Investor's Alpha Magazine - May 2008

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