Top 50 European Hedge Fund Managers Ranked by Assets

INFORMING THE HEDGE FUND COMMUNITY
EUROPE 0
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EUROPE'S LARGEST 50 SINGLE MANAGERS RANKED BY ASSETS UNDER MANAGEMENT
I N A S S O C I AT I O N W I T H
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EUROPE50
I N A S S O C I AT I O N W I T H
Introduced by Philippe Teilhard
Managing Director, Alternative Investment Solutions, Fimat
The European hedge fund landscape is a The non-UK leader, in terms of assets under management, which comes through in many
changing one, partly dictated to by the vicarious management, is Madrid-based Vega Asset of the interviews this publication has published
fortunes of the markets, and their impact on Management, with $6.3bn, ranked 12th overall. over the past two years. It is this approach to
the strategies pursued by various managers However, the heart of the hedge fund sector investment management that serves to reassure
themselves. on the continent is undoubtedly Paris, home institutional clients moving into this market,
to a clutch of hedge fund managers, including and helps the bigger firms to keep a close watch
Yet at the same time we are starting to see a Dexia with $5.8bn, BAREP (SocGen) with $1.7bn, on the range of funds they manage.
group of top tier management firms emerging, Sinopia (part of HSBC) with $1.1bn, and Systeia
which have the scale, both in terms of assets (Crédit Agricole) with $1.1bn, although Systeia The data provided in the EUROPE50 has been
under management and critical mass, to ride just failed to make the cut and sit in 51st sourced where possible from the hedge fund
out any market volatility. position. managers themselves.
This much is evident from The Hedge Fund Scandinavia is also an exciting region for Where it has not been possible to obtain
Journal’s research for its EUROPE50 rankings. hedge fund developments, and has produced confirmation of the data, or where a manager
Here we can see a class of fund managers that established players in the form of Sweden’s has declined to participate, The Hedge Fund
are either part of, or actively supported by Brummer ($5.1bn) and Finland’s 3C ($530m). Journal has, with two exceptions, included an
larger financial groups, and represent those estimate. The Children’s Investment Fund and
groups’ presence in the hedge fund market, or Other European players include Dutch Egerton chose not to report their figures but
are stand-alone groups that have grown to a Transtrend ($3.2bn), now Cyprus-based IKOS estimates have been made. Centaurus Capital
point where they can afford to diversify their ($2.56bn) and Italian Kairos ($1.7bn). and Toscafund would probably have made the
offering, taking on new portfolio managers, or EUROPE50 only they chose not to report their
implementing new trading strategies in order How the rankings were compiled figures and The Hedge Fund Journal decided
to scale-up their businesses. These are also Volatility ensures that any single AUM figure not to include estimates. Where the May AUM
firms which can continue to invest in support can only be a snapshot of the size of a fund figure was not available, the ranking was
personnel and infrastructure, and can attract manager’s assets: it gives us a highly specific determined using the November figure.
substantial institutional investors who are valuation point that is not necessarily indicative
more likely to stick with them in years to come. of the ongoing fortunes of that firm. Hence, Valid for inclusion in the table are the global
These are firms that are determined to keep The Hedge Fund Journal has provided two assets of any hedge fund based in Europe,
their relative positions as substantial asset sets of AUMs for each entry, one for the end excluding funds of funds, but including US firms
management entities by supporting initiatives of November 2005, and one for the end of that maintain standalone units in Europe. For
which will help them to expand and to diversify. May 2006. Together, they give us a certain example, Citigroup’s Tribeca has been listed,
Furthermore, these are firms that invest perspective, though readers should still bear but not the bank’s much larger hedge funds
heavily in research and development to ensure in mind that, coincidentally, both these points managed in the US. By contrast, Goldman
they maintain their performance delivery to in time followed difficult months for the hedge Sachs, though a largely global operation, and
investors. fund industry as a whole. with more than $14bn in fund assets domiciled
in Dublin, has been regarded as a US operation
The leader of the pack is still the flag-bearer As ever in the financial services industry, past in this respect, as all of its $39bn in single hedge
of the European hedge fund industry, Man performance is not a guarantee of future fund assets is managed out of the US.
Investments, with $16.2bn in assets under fortunes. Perhaps the biggest casualty in this
management (May 2006), up from $12bn in respect over the period in review was KBC, with It is to be hoped that The Hedge Fund Journal
November last year. A close second is Barclays assets falling from an estimated $5bn early in will continue to monitor the progress of the
Global Investors, which has $16bn, up from 2005, to $1bn at the end of the year, causing successful hedge fund enterprises that continue
$13bn, with GLG, in third at $15.5bn, up from the departure of Andy Preston. to blaze a trail for European hedge fund
$11.1bn. management, both the established players at
Another interesting case is the loss of Beach the top of the list, and those firms nearer the
London has been, and remains, the top hedge Capital, which saw its AUM fall from $796m bottom that are obviously growing fast, and
fund centre in Europe with around 89% of to $93m due to the winding-up of its flagship might be the giants of tomorrow.
the assets of the EUROPE50 managers. It is programs, after David Beach decided to retire.
also the historical base of highly succesful Managers who feel they might warrant
independent firms such as Brevan Howard, It is still possible, even amongst the ranks of the inclusion in a future EUROPE50 are encouraged
Cheyne and Winton Capital Management, but hedge fund giants, to see businesses adversely to contact The Hedge Fund Journal.
it is a characteristic of the on-going evolution of affected by the fortunes of one fund and its
this unique market that the EUROPE50 rankings manager, but the generation of CIOs now at We at Fimat congratulate those firms that
should feature an increasing number of funds the helms of many of the larger firms on this have made the list, and look forward to seeing
based elsewhere in Europe, a trend that is likely list seem to be heavily wedded to a high level further evidence of their success in future
to continue. of investment discipline and emphasis on risk surveys carried out by The Hedge Fund Journal.
2
in association with
01. Man Investments

AUM 31 May 06 US$16.2bn (1) Fund Name Strategy/style Founders/Principals
AUM 30 Nov 05 US$12.0bn
AHL Managed futures Harvey McGrath
Location London
Stanley Fink
Peter Clarke
Comments (1) end of June
02. Barclays Global Investors

European Market Neutral Fund Equity statistical arbitrage (Europe) Blake Grossman
Location London
Multi-strategy Fund Global multi-strategy Stan Beckers
UK Equities Market Neutral Fund Equity statistical arbitrage (UK)
Comments (1) end of March
03. GLG Partners

AUM 31 May 06 US$15.5bn Fund Name Strategy/style Founders/Principals
GLG European Long-short Fund Market neutral equity long-short, Europe Noam Gottesman
Location London
GLG North American Opportunity Fund Equity long-short North America Pierre Lagrange
GLG Emerging Markets Fund Macro style, multi-asset class mainly LatAm and Europe
GLG Market Neutral Fund Multi-strategy arbitrage, global
GLG Alpha Select Fund Market neutral equity long-short, UK
04. Lansdowne Partners

Lansdowne European Equity Fund Ltd Long/short equity Paul Ruddock
Location London
Lansdowne UK Equity Fund Ltd Long/short equity Steve Heinz
Lansdowne Global Financials Fund Ltd Long/short equity
Lansdowne Macro Fund Ltd Asset allocation, equity theme and sector positions
Lansdowne Long Only Fund Ltd Long equity with leverage
05. BlueCrest Capital Management

AUM 30 Nov 05 US$8.0bn (est)
BlueCrest Capital International Fund Cross market arbitrage Mike Platt
Location London
BlueCrest Strategic Global macro William Reeves
Blue Trend Systematic trend follower
BlueCrest Equity Equity long/short
Emerging Markets Global emerging markets
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EUROPE50
06. Brevan Howard Asset Management
Brevan Howard Master Fund Global macro Alan Howard
Location London
07. Sloane Robinson Investment Management

SR Global Fund (A) Europe US$ Market directional equity long/short with net long bias Hugh Sloane
Location London
SR Global Fund (B) Asia George Robinson
SR Global Fund (C) International
SR Global Fund (F) Euro
SR Global Fund (G) Emerging Markets
08. Cheyne Capital

Cheyne Special Situations Fund European multi-strategy Stuart Fiertz
Location London
Cheyne Long/Short Structured Credit Global credit Jonathan Lourie
09. Gartmore Investment Management

AlphaGen Capella European large cap equities Jeff Meyer
Location London
AlphaGen Tucana European diversified equities Paul Feeney
AlphaGen Avior UK large cap equities Roger Guy
AlphaGen Velas European equities directional Martin Phipps
AlphaGen Regulus European quantitative Guillaume Rambourg
Comments (1) April 2006
10. The Children's Investment Fund Management

AUM 31 May 06 N/A Fund Name Strategy/style Founders/Principals
Declined to participate Declined to participate Christopher Hohn
Location London
Comments Declined to
participate
4
in association with
11. Marshall Wace

AUM 30 Nov 05 US$6.3bn (1)
Eureka (Euro) Fund Equity long/short Paul Marshall
Location London
Eureka Interactive Fund TMT equity long/short Ian Wace
Affinium Fund Statistical Arbitrage Fund
Marshall Wace TOPS Fund Process-driven strategy, equity long/short
Comments (1) end of Dec 2005
12. Vega Asset Management

Global Strategy Macro strategy Ravi Mehra
Location Madrid, New York
Select Strategy Macro strategy Jesus Saa Requejo
Relative Value Strategy Fixed income strategy
13. Millennium Global Investments

Millennium Global High Yield Fund Event driven in high yield & distressed securities Michael Huttman
Location London
Millennium Radar Fund Global macro Alan Eisner
Millennium Global Currency Fund Total returns in global currencies & related markets Joe Strubel
Millennium Global Special Situations Distressed debt/special situations closed-end fund with Mark Astley
Americas Fund a 5-year life
14. Dexia Asset Management

Dexia Long/Short Risk Arbitrage Event driven risk arbitrage Naïm Abou-Jaoudé
Location Paris
Dexia Long/Short Double Alpha Long/short equity market neutral Fabrice Couchet
Dexia Credit Arbitrage Credit arbitrage
Dexia High Yield BB Opportunistic credit discretionary approach
Dexia Index Arbitrage Index arbitrage
15. ADI
ADI Risk Arb Absolu Merger Arbitrage Erich Bonnet
Location Paris
ADI Convert Absolu Multi-strategy Christophe Bourret.
Kallista CB Arbitrage Convertible arbitrage Nicoals Gomart
Christophe Lepitre
Alain Reinhold
participate. All funds closed.
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EUROPE50
16. Winton Capital Management
Winton Futures Fund Diversified managed futures David Harding
Location London
Winton Evolution Fund Martin Hunt
17. Brummer & Partners

Zenit Long/short global equity Patrik Brummer
Location Stockholm
Nektar Market neutral Kent Janér
Latitude Global macro with focus on fixed income Jens Berglund
Lynx Global futures fund (equity market indices, fixed Jonas Bengtsson
income, currencies + commodities
Futuris Long/short European equity fund with a Nordic focus Arne Vaagen
18. Global Asset Management (GAM)

GAM European Equity Hedge Long/short equity Europe John Bennett
Location London, New York,
GAM Japan Equity Hedge Long/short equity Japan Lesley Kaye
Hong Kong
GAM UK Equity Hedge Long/short equity UK Ross Hollyman
GAM European Small Cap Hedge Long/short equity European small cap John Bennett/Patric Slama
GAM International Equity Hedge Long/short equity international Sean Taylor
19 CQS Management
CQS Convertible and Quantitative Convertible and equity arbitrage, market neutral Michael Hintze
Location London
Strategies Fund Gary McConnell
CQS Capital Structure Arbitrage Fund Relative value credit arbitrage Mark Conway
CQS Directional Opportunities Fund Mark Benson
20. M&G Investments

AUM 30 Nov 05 US$4.2bn (1)
Episode Global Macro Tony Gaughan
Location London
Dave Fishwick
Comments (1) US$4bn in a

managed account, balance
external funds
6
in association with
21. Egerton Capital

Egerton Capital European Fund Long/short European equity John Armitage
Location London
Egerton European Dollar Class A
Egerton European Equity
participate. All funds closed.
22. Cantillon Capital Management

AUM 30 Nov 05 N/A
Cantillon Europe Event driven long/short equity global William van Mueffling
Location New York, London
Cantillon World Rupert Tyer
23. Aspect Capital

AUM 30 Nov 05 US$2.37bn (1)
Aspect Diversified Fund Systematic global futures trading Anthony Todd
Location London
Aspect Master Fund Systematic multi-strategy Martin Lueck
Aspect Trading Fund Systematic global futures trading Michael Adam
Aspect Equity Long/Short Fund Systematic pan-European equity Robert Wakefield
Aspect Currency Fund Systematic currency trading
Comments (1) nominal figures,
not cash
24. RAB Capital

RAB Special Situations Fund Opportunistic trading Michael Alen-Buckley
Location London
RAB Energy Fund Long/short fixed income Philip Richards
RAB Europe Fund Long/short equity
RAB Emerging Europe Long/short equity
RAB UK Fund Long/short equity
Comments AUM as at
31/12/05
25. Julius Baer

JB Diversified Fixed Income Relative value using fixed income and FX Tim Haywood/Tom O’Shea
Location London
JB Global Rates Global macro (using fixed income and FX strategies) Adrian Owens/Andrew Snowball
JB Credit and Emerging Markets Corporate and Sovereign investments with FX overlay Paul McNamara/Darren Reece
JB Convertible and High Yield Long/short using convertible and high bonds and Henry Hale /Greg Hopper
associated instruments
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EUROPE50
26. TT International
TT Asia Pacific Fund Long/short Asian (incl Japan) equities 22 working partners
Location London
TT Long/Short Europe Fund Long/short European equities
TT Event Driven Fund Long/short European equities with event driven focus
TT Mid-Cap Europe Long/Short Fund Long/short European equities with mid-cap focus
Permal Europe Fund Long/short European equities with a global macro
overlay
27. Transtrend
AUM 30 Nov 05 N/A
Diversified Trend Program Managed futures Gerard van Vliet
Location Rotterdam
Joep van den Broek
Harold de Boer
Comments (1) includes

managed accounts
28. Rubicon Fund Management

Rubicon Global Fund Hedge global macro Paul Brewer
Location London
29. Hermitage Capital Management

The Hermitage Fund Long/short equity and shareholder activist William Browder
Location Guernsey
30. Henderson Global Investors

European Absolute Return Fund Equities long/short Kate O'Neill
Location London
UK Fundamental Absolute Return Fund Equities long/short
Pan-Eur. Equities Multi-Strategy Fund Equities multi-strategy
Eur. Style Rotational Long Short Fund Equities multi-strategy
Global Fixed Income Absolute Return Fixed income
Fund
8
in association with
31. Bluebay Asset Management UK Limited

BlueBay Emerging Market Total Return Fixed income credit long/short Hugh Willis
Location London
Fund Mark Poole
BlueBay Global Credit Fund
BlueBay High Yield Total Return Fund
32. IKOS
IKOS Currency Global macro systematic financial and Martin Coward
Location London, Brighton,
IKOS Financial currency strategy Elena Ambrosiadou
Thessaloniki, Limassol
IKOS Financial Euro
IKOS Financial TOO
IKOS LP Financial TOO
33. Thames River Capital

Hillside Apex Long/short global credit Charlie Porter
Location London
Nevsky Long/short Eastern European equity Jonathan Hughes-Morgan
Edo Long/short Japanese equity
Kingsway European diversified equity
Comments (1) June 2006
34. London Diversified Fund Management

AUM 30 Nov 05 US$1.45bn (1)
London Diversified Fund 40% fixed income arbitrage/relative value,30% Robert Standing
Location London
London Select Fund intra-yield curve, 30% macrodirectional fixed income David Gorton
including FX
London Credit Fund Relative value structured credit
Comments (1) 01/06/05
35. Prosperity Capital Management

Russian Prosperity Fund Fundamental value, event-driven, blue chips, mid-caps, Mattias Westman
Location Moscow, London,
broad sector exposure Paul Leander-Engestrom
Cayman Islands
Russian Prosperity Fund Ucits Fundamental value, event-driven, mid-cap + broad sector Tomas Olssen
Prosperity Cub Fund Fundamental value, event-driven, industrial restructuring Alexander Branis
Prosperity Quest Fund Diversified focus Ivan Mazalov
Prosperity Quest Fund Telecom Fundamental + relative value, fixed + mobile telecom
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EUROPE50
36. Old Mutual Asset Managers
AUM 31 May 06 US$2.2bn (est) Fund Name Strategy/style Founders/Principals
OM Global Equity Market Neutral Fund Equity market neutral Peter Baxter
Location London
OM GEM Plus Fund Equity market neutral Eoin Murray
OM UK Specialist Equity Fund Equity long/short
OM UK Dynamic Equity Fund Equity long/short
OM Asia Pacific Equity Fund Equity long/short
37. Capital Fund Management

AUM 30 Nov 05 N/A
Stratus Fund Multi strategy Jean-Pierre Aguilar
Location Paris
Discus Fund Managed futures Jean-Philippe Bouchard
Ventus Fund Statistical arbitrage
38. Odey Asset Management

OEI MAC Inc Investing in Odey Eur Inc and currencies Crispin Odey
Location London
Odey Japan & General Fund Long/short Japanese equities David Fletcher
Odey Ottoman Fund Invests in funds managed or advised by investment David Stewart
manager David Helm
Odey European Inc European securities
Odey Treasury Fund International currencies, bonds, short-term interest rates
39. Threadneedle Investments

Threadneedle European Crescendo Long-term capital growth, European equities Darrell O’Dea
Location London
Threadneedle UK Crescendo Long-term capital growth, UK equities Paul Findley
Threadneedle American Crescendo Long-term growth, US equities Robert Stirling
Threadneedle Global Crescendo Long-term capital growth, global equities Michael Corcell
Threadneedle Credit Crescendo Global fixed income credit markets Jeremy Podger
40. Zulauf Asset Management

Zulauf Europe Fund Long/short European equity Felix Zulauf
Location Zug, Switzerland
Gondwana Fund Long/short global natural resources and commodities Nicolas Mathys
Daniel Köppel
10
in association with
41. Boyer Allan Investment Management

Boyer Allan Pacific Partners LP Absolute return, long/short stocks Asia Nick Allan
Location London
Boyer Allan Japan Partners LP Absolute return, long/short stocks Japan Johnny Boyer
Boyer Allan India Fund Inc Absolute return, long/short stocks India
42. Kairos Investment Management

Kairos Fund Long/short equity diversified Paolo Basilico
Location Milan, London
43. Barep Asset Management

Barep Taux Emergents Emerging market debt Pierre Boulogne
Location Paris
Barep Global Credit Global credit multi-strategy Giles Barret
Barep Commodity Arbitrage Commodity arbitrage
Barep Protea M&A Euro Event driven
44. Peloton Partners

AUM 30 Nov 05 US$1.1bn (1)
Peloton Multi-Strategy Fund Multi-strategy Ron Beller
Location London
Geoff Grant
Comments (1) as at 31/12/05
45. New Star Asset Management

AUM 30 Nov 05 N/A
New Star European Fundamental equity long/short Charles Tritton
Location London
New Star Gemini Ravi Anand
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EUROPE50
46. Citigroup Alternative Investments
Tribeca (Europe) Global multi-strategy Gay Huey Evans
Location London
Tanya Styblo Beder
47. HSBC Group Investment Businesses

AUM 30 Nov 05 N/A
Sinopia SAF 600 Global bond market neutral strategy Jean Charles Bertrand
Location Paris, London
Sinopia Global Macro 5 performance driver global macro strategy Luc Dumontier
Comments (1) as at June 2006.
Halbis European Alpha Long/short equity Bill Maldonado
Includes $1,100m of Sinopia in
Halbis Global Technology Alpha Long/short equity Charles Robinson
Paris and $491m of HSBC
Halbis in London
48. Horseman Capital Management

AUM 30 Nov 05 US$1.32bn (1)
Horseman Global Fund Ltd Global equity long/short John R Horseman
Location London
Horseman Global Fund LP Mark J Driver
Christopher P Harrison
Comments (1) as at 31/12/05
49. Absolute Capital Management

AUM 30 Nov 05 US$837m
Absolute Return Europe Fund Long/short equities Sean Ewing
Location Mallorca
European Catalyst Fund Long/short equities Florian Homm
Absolute Germany Fund Long/short equities Darren Sisk
Absolute East/West Fund Long/short equities with European focus
Absolute Octane Fund Long/short equities with global focus
50. NewSmith Capital Partners

AUM 30 Nov 05 US$1bn
Information not provided UK long/short Stephen Zimmerman
Location London
Global macro Michael Marks
Credit Paul Roy
Asia Equity Check Low
12

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INFORMING THE HEDGE FUND COMMUNITY

01. Man Investments

Comments (1) end of June

02. Barclays Global Investors

Comments (1) end of March

03. GLG Partners

04. Lansdowne Partners

05. BlueCrest Capital Management

07. Sloane Robinson Investment Management

08. Cheyne Capital

09. Gartmore Investment Management

10. The Children's Investment Fund Management

11. Marshall Wace

Comments (1) end of Dec 2005

12. Vega Asset Management

13. Millennium Global Investments

14. Dexia Asset Management

17. Brummer & Partners

18. Global Asset Management (GAM)

20. M&G Investments

Comments (1) US$4bn in a

21. Egerton Capital

22. Cantillon Capital Management

23. Aspect Capital

24. RAB Capital

25. Julius Baer

Comments (1) includes

28. Rubicon Fund Management

29. Hermitage Capital Management

30. Henderson Global Investors

31. Bluebay Asset Management UK Limited

33. Thames River Capital

Comments (1) June 2006

34. London Diversified Fund Management

Comments (1) 01/06/05

35. Prosperity Capital Management

37. Capital Fund Management

38. Odey Asset Management

39. Threadneedle Investments

40. Zulauf Asset Management

41. Boyer Allan Investment Management

42. Kairos Investment Management

43. Barep Asset Management

44. Peloton Partners

Comments (1) as at 31/12/05

45. New Star Asset Management

47. HSBC Group Investment Businesses

48. Horseman Capital Management

Comments (1) as at 31/12/05

49. Absolute Capital Management

50. NewSmith Capital Partners

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