Institutional Investor's Alpha Magazine - November 2008 - (Page 57)

cialist at London-based GAM, which ranks No. 12, with almost $25 billion in assets under management. Brickell cites data that suggest 700 hedge funds could close this year: “Anecdotally, we hear it could be closer to 1,000.” Brickell notes that broad hedge fund success in the past few years, whipped on by easy credit and rising markets, helped the weak prosper with the strong. The inevitable Darwinian correction is occurring. “We will see a ﬂight of capital toward those that are actually doing the hedging,” says Niket Patankar, CEO of Adventity, a New York–based consulting firm whose clientele includes about 50 hedge funds and ten funds of funds. Alpha ’s 50 Biggest Funds of Hedge Funds Rank 2008 2007 Firm, location, fund names Firm/fund capital 2008 ($ millions) One-year change (%) January – June Net return (%) 2007 Five years* Inception date 1 3 Union Bancaire Privée (Geneva, Switzerland) Dinvest Total Return Selectinvest ARV II Dinvest Select II Dinvest Concentrated Opportunities – Distressed Dinvest Concentrated Opportunities III – Equity $56,871 1,790 1,100 438 180 172 56,740 55,100 29,400 5,193 2,169 18,300 4,805 4,564 619 17 7,400 625 46,596 3,300 631 531 241 123 39,181 10,700 10,200 7,400 32,104 25,783 3,096 1,869 808 724 425 6,321 31,913 23,870 110 8,043 818 24.24% –2.78% –1.34 –2.13 0.92 0.42 3.64 9.52 15.75 –0.39 1.30 –1.67 3.70 –0.60 8.70 –0.50 17.46 –1.80 38.79 2.06 4.40 –1.10 10.80 4.40 11.82 5.10 –0.30 –4.90 9.32 6.77 –0.80 –3.35 –6.02 –4.25 –3.13 21.56 13.96 21.76 –2.44 –4.25 0.40 13.07 9.27 1/9/04 5.50 4.30 10/30/02 11.68 11.84 10.94 14.45 15.61 7.27 6.64 9.25 10.25 4.40 2/29/96 5/31/01 2/10/02 12/31/00 1/31/00 8.9 8.50 12.9 8.90 8.50 9.40 12/31/95 12/31/96 3/31/92 13.3 13.5 7.02 19.49 22.05 12.69 13.60 5.90 16.20 14.60 6/13/96 3/1/07 6/15/95 10/31/05 9/30/98 9.81 5.00 4/3/95 3.40 0.70 9.10 4.10 10.20 5.122 9.162 6.50 1/18/05 7/15/00 10/22/99 1/7/04 10.22 10.57 7.10 7.78 7/1/99 7/1/98 14.051 10.66% 7.02 6.46 10.00% 7.46 8.25 7/15/86 1/6/04 1/7/05 1/6/08 1/11/07 2 3 1 2 UBS Alt. and Quantitative Investments (Zurich, Switzerland) Man Investments (London, U.K.) RMF Inv. Mgmt (Pfäfﬁkon, Switzerland) Four Seasons Strategies Absolute Return Strategies Man Global Strategies (London, U.K.) AP Enhanced Multi-Strategy Guaranteed AP Stratum MGS Multi-Style – MGS Multi-Style Series Glenwood Capital Investments (Chicago, IL) Man-Glenwood Multi-Strategy 4 5 HSBC Alt. Investments (London, U.K.) GH Fund Special Opportunities Fund Multi-Adviser Arbitrage Fund Trading AdvantEdge Fund Asian AdvantEdge Fund 5 4 Permal Asset Mgmt (New York, NY) Macro Holdings Fixed Income Holdings Inv. Holdings 6 6 Crédit Agricole (Paris, France) Crédit Agricole Asset Mgmt Alt. Investments (Paris, France) Green Way (Class A – USD) Green Way Arbitrage I (Class D – USD) Green Way Corporate Opportunities Green Way Special Opportunities Green Way Select – Global Long/Short Equity Fund Crédit Agricole Structured Asset Mgmt (Paris, France) 7 7 Société Générale (Paris, France) Lyxor Asset Mgmt (Paris, France) Global Index Tracker – Class D SGAM Alt. Investments (Paris, France) AI Optimum The table shows up to ﬁve funds managed by each ﬁrm. Italics indicate that a composite is shown or that multiple funds have been combined. Unless otherwise speciﬁed, assets are as of June 30, 2008, and returns are net of management and performance fees. * Five-year returns are annualized since June 30, 2003, or since inception for funds created after that date, unless otherwise indicated. 1 Pro forma portfolio performance. 2 Alpha estimate. NOVEMBER 2008 • INSTITUTIONAL INVESTOR’S ALPHA • 57

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

Institutional Investor's Alpha Magazine - November 2008 Contents Letter from the Editor Longs & Shorts Pension Corner: Risk Rewarded The Good Guys: In the Here and Now Interview: Minister of Finance Cover Story: The Agony of Dan Zwirn Strategies: The Early Birds Are Awake Strategies: The Call of Shari’a Profile: Sweet Home Chicago Research Center: What Stampede? Alpha Bytes: Centralize the Data Unhedged: Commentary: Learning from the Wreckage

Institutional Investor's Alpha Magazine - November 2008

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