Europe's Largest Single Managers Ranked By

EUROPE 50 Europe’s largest single managers ranked by AUM

IN ASSOCIATION WITH EUROPE50 IN ASSOCIATION WITH

The Europe 50 In association with Newedge Prime Brokerage

BILL McINTOSH

elcome to the sixth annual snapshot of main, managers have succeeded at this and served $15 billion. These firms remain profitable (especially the top 50 European hedge fund managers investors well. The proof of this is the fact that total when performance fees are earned) but for hundreds Wranked by single manager assets at 30th assets under management for Europe50 firms rose of smaller firms, some well below the $1 billion June 2011. With global hedge fund assets over $2 a stunning 26% to $374 billion, up from $296 billion threshold, the tough environment for capital raising trillion, we believe that sourcing and publishing in our mid-year 2010 survey. This sets a new record and the cost of regulatory compliance is a dual data about hedge funds serves an important service for the Europe50, surpassing the AUM of $366 billion burden. A handful of funds fell out of the Europe50, to investors and the broader asset management recorded in the early 2008 survey near the peak of the notably veteran manager RAB Capital which is to industry. The willingness of hedge fund managers to last bull market. delist from AIM. disclose this basic information has grown as investors, increasingly dominated by pension funds and other The survey’s aggregate assets figure shows the Among the newcomers to the Europe50 are several institutions, have demanded greater transparency. rude health of the European hedge fund industry. firms with major UCITS businesses. On the continent, The Hedge Fund Journal is indebted to firms across It also shows the increasing impact of UCITS fund these include German managers Aquila Capital and Europe for participating in our 2011 survey. operators and other institutional money managers. Conservative Concept Portfolio Management, both Man Investments took pole position, with AUM of based in Bad Homburg. Another newcomer that This year the survey provides more detail about the $34.1 billion, owing to consolidation after the group specialises in UCITS funds is French operator Exane hedge funds managed by the Europe50 firms. We acquired GLG Partners in a $1.5 billion deal in late Asset Management. Yet another UCITS manager have gathered additional detail about each firm’s 2010. making the grade is Insight Investment, while RWC individual funds, the various portfolio managers, Partners, with a mix of offshore and UCITS funds the strategies they follow and where a particular makes the cut for the first time. Two other newcomers fund is domiciled. We have also included for the first are Algebris Investments and BlueGold Capital, which time assets under management in UCITS funds. In run offshore funds specialising in financials and accordance with the methodology of our UCITS Hedge “Total AUM for Europe energy respectively. database we only include funds where the prospectus permits managers to short individual securities. 50 firms rose a stunning Methodology As with previous Europe50 rankings, we have focused The impact of more and more launches of UCITS 26% to $374 billion, up on those firms which can be recognised as distinctly funds is a matter of conjecture across the alternative European businesses, usually those where the investment industry. Fund managers that a year or from $296 billion in our executive functions and head office are located in two ago considered a UCITS product launch peripheral Europe. In some cases, the European subsidiaries of to their offshore fund strategies are now thinking 2010 survey” larger, global asset management operations can still again. This is generally in response to investor qualify on the strength of the money being managed requests for such products owing to their liquidity and out of their European offices. The key criterion in transparency. In many cases, these UCITS funds start these latter instances is where the assets are being off small, often with AUM of only $30-50 million. At Close behind in second spot is BlackRock, another managed from, not where they are located. the other end of the scale, several firms with many acquisitive giant, whose single manager hedge fund billions under management have launched UCITS and UCITS assets grew AUM to $34 billion. This left Where the executive function is located in Europe, funds with day one capital well over $100 million Brevan Howard, the 2009 and 2010 leader, in third we have, for the sake of convenience, included all combining seed investment with new money from spot with AUM of $32.1 billion following a year in the assets managed by that group, regardless of outside investors. which the macro maestro Alan Howard risk managed where the portfolio manager is sitting. Where the with customary élan but didn’t generate major gains executive function is outside Europe, it has just One knock facing UCITS funds is that performance is for investors. Retaining fourth position is BlueCrest counted the assets managed by European-based mediocre. While there is truth to this – our own UCITS Capital, even though it grew AUM by 31% to $26.8 portfolio management teams. In cases where groups Hedge Index is flat since its inception on 1st January billion. Moving into fifth place is Winton Capital, the manage both hedge fund and non-hedge assets, we 2010 – it is a phenomenon that is noticeable across managed futures giant headed by David Harding, have stripped out the non-hedge component of the many hedge fund strategies. For example, the HFRI with AUM of $22.4 billion, up a stunning 64% in just asset base. In a handful of cases we have provided an Fund Weighted Composite Index gained just 0.77% 12 months. estimate of the money being managed. In these cases, during the first half of 2011 yet during the period we communicated with firms and canvassed a number Hedge Fund Research found that $62 billion in new The gains of the top five funds took their aggregate of data sources to compile the published estimate. capital came into the industry – the highest figure assets to $149.4 billion, accounting for 40% of the since the second half of 2007. The UCITS sector is too total assets managed by Europe50 firms. This is a The Hedge Fund Journal would like to thank the new to compare with that period but it is certainly the 38% uplift for the top five firms from a year ago when Newedge Prime Brokerage for continuing to sponsor case that launch activity continues unabated, a trend their combined AUM was $108 billion. If it is true that the Europe50. We congratulate all the firms in the that seems set to go on well into 2012. hedge funds as a whole are back in business, it is the survey and give a special welcome to new entrants. case that the leading players are doing exceptionally We look forward to seeing managers of all sizes, A year ago, the timing of the survey followed a well when it comes to attracting investor custom. including those below the threshold, make their continued broad recovery in risk asset prices from mark in the coming years. Certainly the very difficult the 2008-2009 downturn. Since the middle of 2010 Even the smallest firms surveyed managed to make trading conditions that continue to roil markets offer hedge fund performance has largely marked time modest gains in aggregate from a year ago. The a challenging backdrop for Europe’s leading asset as many managers looked, above all, to safeguard capital held by the 10 smallest firms in the survey, managers to prove their mettle. We are certain that assets through dampened risk exposure. In the ranking 41st to 50th, saw AUM edge up 6% to nearly the results will bear watching. THFJ

2 EUROPE50 IN ASSOCIATION WITH

01 02 03 04 Man Investments BlackRock Brevan Howard BlueCrest Capital Management

1 1 1 1 Total AUM (as at 30.06.11) Total AUM (as at 30.06.11) Total AUM (as at 30.06.11) Total AUM (as at 30.06.11) $34.1bn $34.0bn (est) $32.1bn $26.8bn (est)

2 2 2 2 2010 ranking 2010 ranking 2010 ranking 2010 ranking 02 03 01 04

3 3 3 3 Founded Founded Founded Founded 1783 (as a cooperage) Not disclosed 2002 2000

4 4 4 4 Founders/principals Founders/principals Founders/principals Founders/principals Peter Clarke, Kevin Hayes, Manny Roman Laurence Fink Alan Howard Mike Platt, Leda Braga

5 5 5 5 Hedge fund(s) Hedge fund(s) Hedge fund(s) Hedge fund(s) Fund name Man AHL Diversified PLC Fund name UK Emerging Companies Hedge Fund name Brevan Howard Master Fund Fund name BlueCrest Capital International Inception date 29/02/1996 Fund Limited Inception date Not disclosed AUM $2.5bn Inception date Not disclosed Inception date 2003 AUM Not disclosed Portfolio manager(s) Tim Wong AUM Not disclosed AUM $24.2bn Portfolio manager(s) Mike Platt Strategy Managed futures Portfolio manager(s) Not disclosed Portfolio manager(s) Multiple portfolio Strategy Global macro Asset classes Cross-asset Strategy Equity long/short managers Asset classes Not disclosed Domicile Ireland Asset classes Not disclosed Strategy Global macro/relative value Domicile Not disclosed Domicile Not disclosed Asset classes Fixed income and FX Fund name Nomura Global Trend Domicile Cayman Islands Fund name BlueTrend Inception date 27/04/2011 Fund name UK Equity Hedge Fund Inception date Not disclosed AUM $2.3bn Inception date Not disclosed Fund name Brevan Howard Emerging AUM Not disclosed Portfolio manager(s) Tim Wong AUM Not disclosed Markets Strategies Master Fund Limited Portfolio manager(s) Leda Braga Strategy Managed futures Portfolio manager(s) Not disclosed Inception date 2007 Strategy Managed futures Asset classes Cross-asset Strategy Equity long/short AUM $2.4bn Asset classes Not disclosed Domicile Cayman Islands Asset classes Not disclosed Portfolio manager(s) Geraldine Sundstrom Domicile Not disclosed Domicile Not disclosed Strategy Emerging markets macro Fund name MAN AHL Diversified Futures Asset classes Fixed income, credit, FX, Fund name BlueCrest AllBlue Limited Fund name European Opportunities Hedge equities Inception date Not disclosed Inception date 12/05/1998 Fund Domicile Cayman Islands AUM Not disclosed AUM $1.1bn Inception date Not disclosed Portfolio manager(s) Not disclosed Portfolio manager(s) Tim Wong AUM Not disclosed Fund name Brevan Howard Credit Catalysts Strategy Multi-strategy Strategy Managed futures Portfolio manager(s) Not disclosed Master Fund Limited Asset classes Not disclosed Asset classes Cross-asset Strategy Equity long/short Inception date 2009 Domicile Not disclosed Domicile Bermuda Asset classes Not disclosed AUM $1.8bn Domicile Not disclosed Portfolio manager(s) David Warren 6 Fund name GLG European Alpha Alternatives Strategy Catalyst-driven fundamental Dedicated managed accounts AUM Inception date 22/06/2009 6 Asset classes Credit and mortgage trading N/A AUM $1.1bn Dedicated managed accounts AUM Domicile Cayman Islands Portfolio manager(s) Philippe Isvy, Pierre N/A 7a Valade Fund name Brevan Howard Asia Master UCITS-compliant hedge fund AUM Strategy Absolute return 7a Fund Limited N/A Asset classes Equities & derivatives UCITS-compliant hedge fund AUM Inception date 2004 Domicile Ireland $5.0m AUM $1.6bn Portfolio manager(s) Kaspar Ernst Fund name GLG Market Neutral 7b Strategy Asia-focused macro/relative value Inception date 15/01/1998 UCITS-compliant funds Asset classes Fixed income and FX AUM $1.0bn BlackRock UK Absolute Alpha Domicile Cayman Islands Portfolio manager(s) Steve Roth Strategy Arbitrage Fund name Brevan Howard Multi-Strategy Asset classes Convertibles & credit Master Fund Limited Domicile Cayman Islands Inception date 2008 AUM $0.9bn 6 Portfolio manager(s) N/A Dedicated managed accounts AUM Strategy Multi-strategy $1.4bn Asset classes Fixed income, FX, credit, commodities and equities 7a Domicile Cayman Islands UCITS-compliant hedge fund AUM $3.4bn 6 Dedicated managed accounts AUM 7b N/A UCITS-compliant funds GLG European Alpha Alternatives 7a GLG Alpha Select Alternatives UCITS-compliant hedge fund AUM GLG EM Diversified Alternatives $1.2bn GLG North American Equity Alternatives GLG Atlas Macro Alternatives 7b GLG EM Currency and Fixed Income UCITS-compliant funds Alternatives Brevan Howard Investment Fund II GLG EM Equity Alternatives Macro FX Fund & Brevan Howard GLG EM Credit Opportunity Alternatives Investment Fund Man AHL Trend Emerging Markets Local Fixed Income Fund Man AHL Diversity Man Long Short Europe

KEY

1 Total AUM figure, firm-wide, of all hedge fund assets (i.e., fund and managed account assets, globally) managed by your firm as at 30th June 2011 2 Ranking position in 2010 Europe 50 survey 3 The date the business was founded 4 The names of the founders or current principals of the business, if the founders have retired from the business 5 The names/inception date/AUM figures/investment strategy/asset classes traded/portfolio managers/fund domicile for the largest five hedge funds managed (or fewer if you manage less than five) 6 Total AUM figure of all hedge fund assets managed in dedicated managed accounts 7a Total AUM figure of all hedge fund assets managed in a UCITS-compliant format 7b The names of those UCITS-compliant funds

3 EUROPE50 IN ASSOCIATION WITH

05 06 07 08 Winton Capital GAM Lansdowne Partners Brummer & Management Partners

1 1 1 1 Total AUM (as at 30.06.11) Total AUM (as at 30.06.11) Total AUM (as at 30.06.11) Total AUM (as at 30.06.11) $22.4bn $15.2bn (est) $14.7bn $14.5bn

2 2 2 2 2010 ranking 2010 ranking 2010 ranking 2010 ranking 06 07 05 09

3 3 3 3 Founded Founded Founded Founded 1997 1983 1998 1996

4 4 4 4 Founders/principals Founders/principals Founders/principals Founders/principals David Harding, Anthony Daniell, Rajeev Gilbert de Botton, David M. Solo Paul Ruddock, Steve Heinz Patrik Brummer, Per Josefsson, Peter Thelin, Patel, Matthew Beddall, Andrew Bastow, Svante Elfving, Kent Janér, Klaus Jäntti, Martin Hunt, Osman Murgian 5 5 Torbjörn Olofsson, Kerim Kaskal, Thomas Hedge fund(s) Hedge fund(s) Andersson 5 Fund name Absolute Return Bond Strategies Fund name Lansdowne UK Equity Fund Hedge fund(s) Inception date 30/04/2004 Inception date 01/08/2001 5 Fund name Winton Futures Fund AUM $10.9bn AUM $8.8bn Hedge fund(s) Inception date 10/1997 Portfolio manager(s) Tim Haywood, Daniel Portfolio manager(s) Peter Davies, Stuart Fund name Lynx AUM $7.8bn (est) Sheard Roden Inception date 01/05/2000 Portfolio manager(s) Systematic Strategy Fixed income Strategy Equity long/short AUM $4.5bn Strategy Managed futures, CTA Asset classes Absolute return Asset classes Equity Portfolio manager(s) Svante Bergström, Asset classes Futures, options, listed Domicile Luxembourg/Cayman Islands Domicile Not disclosed Jonas Bengtsson, Martin Sandquist equities, fixed income Strategy Managed futures Domicile British Virgin Islands Fund name GAM Global Rates & Fund name Lansdowne Global Financials Asset classes SEK, EUR, USD Discretionary FX Strategy Fund Domicile Sweden Fund name Winton Evolution Fund Inception date 02/01/2004 Inception date 01/07/2004 Inception date 09/2005 AUM $2.1bn AUM $2.8bn Fund name Nektar AUM $112m (est) Portfolio manager(s) Adrian Owens Portfolio manager(s) William de Winton Inception date 01/01/1998 Portfolio manager(s) Systematic Strategy Macro/managed futures & currency Strategy Equity long/short AUM $3.3bn Strategy Multi-strategy Asset classes Absolute return Asset classes Equity Portfolio manager(s) Kent Janér, Kerim Asset classes Futures, options, listed Domicile Ireland / Cayman Islands Domicile Not disclosed Kaskal, Torbjörn Olofsson, Thomas equities, fixed income Andersson, Martin Larsén, Fredrik Attefall, Domicile Cayman Islands Fund name GAMut Investments Fund name Lansdowne European Equity Thomas Orbert, Patrik Olsson, Ralf Seibel Inception date 02/07/1986 Fund Strategy Fixed income relative value, macro Fund name Winton Octo Fund AUM $711.1m Inception date 01/11/2002 Asset classes SEK, EUR, USD Inception date 11/2009 Portfolio manager(s) Caxton Associates LP AUM $1.2bn Domicile Sweden AUM $107m (est) Strategy Macro/managed futures Portfolio manager(s) Steve Heinz, David Portfolio manager(s) Systematic Asset classes Absolute return Craigen Fund name Zenit Strategy Long/short equity Domicile British Virgin Islands Strategy Equity long/short Inception date 01/07/1996 Asset classes Listed equities Asset classes Equity AUM $1.7bn Domicile Cayman Islands Fund name GAM Emerging Market Rates Domicile Not disclosed Portfolio manager(s) Per Josefsson, Stefan Strategy Löhr, Martin Jonsson, Stefan Guter, Stefan Fund name Winton Global Equity Fund Inception date 01/11/2004 Fund name Lansdowne European Long Only Engstrand, Stephen Irvine, Tom Hedges Inception date 12/2010 AUM $293.5m Fund Strategy Global long/short equity AUM $89.5m (est) Portfolio manager(s) Paul McNamara, Inception date 01/01/2005 Asset classes SEK Portfolio manager(s) Systematic Caroline Gorman, Denise Prime AUM $634m Domicile Sweden Strategy Long only (equities), UCITS III Strategy Macro/managed futures Portfolio manager(s) Steve Heinz, David Asset classes Listed equities Asset classes Absolute return Craigen Fund name Futuris Domicile Ireland Domicile Ireland / Cayman Islands Strategy Long equity Inception date 15/10/1999 Asset classes Equity AUM $1.3bn 6 Fund name GAM Keynes Quantitative Domicile Not disclosed Portfolio manager(s) Karl-Mikael Syding, Dedicated managed accounts AUM Strategies Arne Vaagen, Mattias Nilsson $14.3bn Inception date 06/04/2010 Fund name Lansdowne UK Strategic Strategy European long/short equity AUM $290.5m Investment Fund Asset classes EUR 7a Portfolio manager(s) Dr Sushil Wadhwani Inception date 01/07/2007 Domicile Sweden UCITS-compliant hedge fund AUM Strategy Macro/managed futures AUM $615m $89.5m Asset classes Absolute return Portfolio manager(s) Peter Davies, Stuart Fund name Observatory Domicile Ireland Roden Inception date 01/07/2004 7b Strategy Long equity AUM $982.7m UCITS-compliant funds 6 Asset classes Equity Portfolio manager(s) Shazad Ghaffar, Winton Global Equity Fund Dedicated managed accounts AUM Domicile Not disclosed Salman Khan, Edward Zee $538m Strategy Fixed income long/short credit 6 Asset classes USD 7a Dedicated managed accounts AUM Domicile Cayman Islands UCITS-compliant hedge fund AUM Not disclosed $12.5bn 6 7a Dedicated managed accounts AUM 7b UCITS-compliant hedge fund AUM $1.5bn UCITS-compliant funds N/A Absolute Return Bond Strategies 7a GAM Star Absolute Emerging Markets UCITS-compliant hedge fund AUM GAM Star Absolute Europe $113m GAM Star Global Rates/Discretionary FX GAM Star Diversified Market Neutral Credit 7b GAM Star Emerging Market Rates UCITS-compliant funds GAM Star Global Convertible Bond Not disclosed GAM Star Global Selector GAM Star Keynes Quantitative Strategies

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4 EUROPE50 IN ASSOCIATION WITH

09 10 11 12 Standard Life Transtrend Capula Global Dexia Asset Investments Management

1 1 1 1 Total AUM (as at 30.06.11) Total AUM (as at 30.06.11) Total AUM (as at 30.06.11) Total AUM (as at 30.06.11) $12.9bn (est) $10.3bn $8.6bn $7.8bn

2 2 2 2 2010 ranking 2010 ranking 2010 ranking 2010 ranking N/A 10 20 13

3 3 3 3 Founded Founded Founded Founded Not disclosed Not disclosed 2005 1996

4 4 4 4 Founders/principals Founders/principals Founders/principals Founders/principals Not disclosed Joep van den Broek, Harold de Boer, Mark Yan Huo, Masao Asai Naïm Abou-Jaoudé, Fabrice Cuchet van Dongen, Andre Honig 5 5 5 Hedge fund(s) 5 Hedge fund(s) Hedge fund(s) Fund name Hedge fund(s) Fund name Capula Global Relative Value Fund name Dexia Index Arbitrage Global Absolute Return Strategies Fund Fund name Diversified Trend Program Fund Inception date 09/09/2003 Inception date Not disclosed Inception date Not disclosed Inception date 10/2005 AUM $2.6bn AUM $11.6bn (est) AUM $10.2bn AUM $6.8bn (est) Portfolio manager(s) E. Terraz Portfolio manager(s) Not disclosed Portfolio manager(s) Not disclosed Portfolio manager(s) Not disclosed Strategy Index arbitrage Strategy Not disclosed Strategy Managed futures Strategy FI relative value Asset classes Equities & derivatives Asset classes Derivatives, fixed interest Asset classes Not disclosed Asset classes Not disclosed Domicile France securities, equities & cash Domicile Not disclosed Domicile Cayman Islands Domicile Not disclosed Fund name Dexia Long Short Risk Arbitrage Fund name Equity Trend Program Fund name Capula Tail Risk Fund Inception date 25/03/1999 6 Inception date Not disclosed Inception date 03/2010 AUM $886.41m Dedicated managed accounts AUM AUM $80m AUM $1.8bn (est) Portfolio manager(s) S. Elkrief N/A Portfolio manager(s) Not disclosed Portfolio manager(s) Not disclosed Strategy Event driven risk arbitrage Strategy Systematic long/short equity Strategy Macro/defensive macro Asset classes Equities, credit & derivatives 7a Asset classes Not disclosed Asset classes Not disclosed Domicile France UCITS-compliant hedge fund AUM Domicile Not disclosed Domicile Cayman Islands $1.3bn Fund name Dexia Long Short Emerging Debt 6 6 Inception date 01/09/2009 7b Dedicated managed accounts AUM Dedicated managed accounts AUM AUM $158.2m UCITS-compliant funds N/A N/A Portfolio manager(s) G Farré Not disclosed Strategy Emerging debt, currency arbitrage 7a 7a Asset classes Bonds, interest rates, UCITS-compliant hedge fund AUM UCITS-compliant hedge fund AUM currencies N/A N/A Domicile France

Fund name Dexia Long Short Double Alpha F Inception date 02/04/2009 AUM $133.5m Portfolio manager(s) V. Baron, N. Cleris, F. Desquenne Strategy Market neutral equity Asset classes Equities & derivatives Domicile France

Fund name Dexia Systemat Inception date 03/07/1997 AUM $100.4m Portfolio manager(s) S. Brument Strategy CTA Asset classes Equities, bonds, interest rates, commodities Domicile France

6 Dedicated managed accounts AUM N/A

7a UCITS-compliant hedge fund AUM $5.2bn

7b UCITS-compliant funds Dexia Index Arbitrage Dexia Long Short Risk Arbitrage Dexia Risk Arbitrage Dexia Long Short Credit Dexia Systemat Dexia Long Short Emerging Debt Dexia Fund Commodities Dexia Long Short Double Alpha F Dexia Bonds Euro High Yield Dexia Global Alpha

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5 EUROPE50 IN ASSOCIATION WITH

13 14 15 16 Henderson Global Sloane Robinson Cheyne Capital CQS Management Investors

1 1 1 1 Total AUM (as at 30.06.11) Total AUM (as at 30.06.11) Total AUM (as at 30.06.11) Total AUM (as at 30.06.11) $7.6bn $7.2bn $7.0bn $6.6bn (est)

2 2 2 2 2010 ranking 2010 ranking 2010 ranking 2010 ranking 30 11 21 23

3 3 3 3 Founded Founded Founded Founded 1934 1993 1999 1999

4 4 4 4 Founders/principals Founders/principals Founders/principals Founders/principals Andrew Formica, David Jacob, Paul Graham Hugh Sloane, George Robinson, Richard Jonathan Lourie, Stuart Fiertz, Chris Michael Hintze Chenevix-Trench Goekjian 5 5 Hedge fund(s) 5 5 Hedge fund(s) Fund name AlphaGen Octanis Hedge fund(s) Hedge fund(s) Fund name ABS Inception date 01/03/2005 Fund name SR Global Fund (Class B) Asia Fund name Cheyne Real Estate Debt Fund Inception date 10/2006 AUM $1.6bn Inception date 01/1994 Inception date Not disclosed AUM $1.6bn Portfolio manager(s) Ben Wallace, Luke AUM $1.3bn AUM Not disclosed Portfolio manager(s) Ali Lumsden Newman Portfolio manager(s) Richard Chenevix- Portfolio manager(s) Shamez Alibhai, Ravi Strategy Long/short relative value Strategy UK long/short large cap equities Trench Stickney Asset classes Not disclosed Asset classes Not disclosed Strategy Equity long/short market Strategy European real estate debt Domicile Cayman Islands Domicile Cayman Islands directional Asset classes Not disclosed Asset classes Equities Domicile Not disclosed Fund name Directional Opportunities Fund Fund name AlphaGen Volantis Domicile Cayman Islands Inception date 08/2005 Inception date 01/05/2002 Fund name Cheyne Total Return Credit Fund AUM $1.4bn AUM $519m Fund name SR Global Fund (Class C) Inception date Not disclosed Portfolio manager(s) Michael Hintze Portfolio manager(s) Adam McConkey, Rob International AUM Not disclosed Strategy Directional multi-strategy Giles Inception date 01/1994 Portfolio manager(s) John Weiss, David Asset classes Not disclosed Strategy UK long/short small cap equities AUM $1.2bn Peacock Domicile Cayman Islands Asset classes Not disclosed Portfolio manager(s) Hugh Sloane Strategy Structured corporate credit Domicile Cayman Islands Strategy Equity long/short market Asset classes Not disclosed Fund name Convertible and Quantitative directional Domicile Not disclosed Strategies Fund Fund name Henderson Japan Absolute Return Asset classes Equities Inception date 03/2000 Fund Domicile Cayman Islands Fund name Cheyne European Event Driven AUM $820m Inception date 21/07/2000 Fund Portfolio manager(s) Michael Hintze AUM $439m Fund name SR Global Fund (Class G) Inception date Not disclosed Strategy Convertible arbitrage Portfolio manager(s) William Garnett, Jeremy Emerging Markets AUM Not disclosed Asset classes Not disclosed Hall Inception date 03/1996 Portfolio manager(s) Simon Davies, Michel Domicile Cayman Islands Strategy Japan long/short equities AUM $2.6bn Massoud Asset classes Not disclosed Portfolio manager(s) Richard Chenevix- Strategy European event driven Fund name Diversified Fund Domicile Cayman Islands Trench Asset classes Not disclosed Inception date 03/2007 Strategy Equity long/short market Domicile Not disclosed AUM $460m Fund name Henderson Asia Pacific Absolute directional Portfolio manager(s) Peter Warren, James Return Fund Limited Asset classes Equities Fund name Cheyne Convertibles Absolute Peatties Inception date 03/11/2000 Domicile Cayman Islands Return UCITS Fund Strategy Multi-strategy AUM $438m Inception date Not disclosed Asset classes Not disclosed Portfolio manager(s) John Crawford, Andrew 6 AUM Not disclosed Domicile Cayman Islands Mattock Dedicated managed accounts AUM Portfolio manager(s) Akin Akinloye, Annelie Strategy Asia Pacific ex. Japan long/short $1.6bn Fearon 6 equities Strategy Convertibles Dedicated managed accounts AUM Asset classes Not disclosed 7a Asset classes Not disclosed N/A Domicile Cayman Islands UCITS-compliant hedge fund AUM Domicile Not disclosed $390m 7a Fund name AlphaGen Hokuto 6 UCITS-compliant hedge fund AUM Inception date 06/11/2000 7b Dedicated managed accounts AUM $210m AUM $426m UCITS-compliant funds Not disclosed Portfolio manager(s) John Stewart, Robert Tull Schroder GAIA Sloane Robinson Emerging 7b Strategy Japan long/short high large cap Market Fund 7a UCITS-compliant funds equities DB Platinum Sloane Robinson Asia Fund UCITS-compliant hedge fund AUM JPMorgan Mansart Investments CQS Asset classes Not disclosed Not disclosed Convertible Alpha Fund Domicile Cayman Islands Schroders GAIA CQS Credit Long Short Fund

6 Dedicated managed accounts AUM Not disclosed

7a UCITS-compliant hedge fund AUM $2.4bn

7b UCITS-compliant funds Henderson Credit Alpha OEIC Gartmore OEIC UK Absolute Return Fund Institutional A Gartmore SICAV UK Absolute Return Fund Class I Henderson Pan European Alpha OEIC

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6 EUROPE50 IN ASSOCIATION WITH

17 18 19 20= Polygon Investment The Children's Investment Exane Asset Cevian Capital Group Fund Management Management

1 1 1 1 Total AUM (as at 30.06.11) Total AUM (as at 30.06.11) Total AUM (as at 30.06.11) Total AUM (as at 30.06.11) $6.3bn $6.0bn (est) $5.5bn $5.4bn

2 2 2 2 2010 ranking 2010 ranking 2010 ranking 2010 ranking 18 14 N/A 25

3 3 3 3 Founded Founded Founded Founded 2002 Not disclosed 2001 2002

4 4 4 4 Founders/principals Founders/principals Founders/principals Founders/principals Reade Griffith, Paddy Dear Christopher Hohn Philippe Sanlaville Christer Gardell, Lars Förberg

5 5 5 5 Hedge fund(s) Hedge fund(s) Hedge fund(s) Hedge fund(s) Fund name European Equity Opportunity Fund name The Children's Investment Fund name Exane Archimedes Fund name Cevian Capital II Fund Master Fund Inception date 09/2006 Inception date 07/2006 Inception date 07/2009 Inception date Not disclosed AUM $1.6bn AUM $4.8bn AUM Not disclosed AUM Not disclosed Portfolio manager(s) Gilles Lenoir, Cesar Zeitouni Portfolio manager(s) Christer Gardell, Lars Portfolio manager(s) Not disclosed Portfolio manager(s) Christopher Hohn Strategy Long/short equity (market neutral & Förberg Strategy European event driven equities Strategy Activist fundamental) Strategy Operational activist Asset classes Not disclosed Asset classes Not disclosed Asset classes Not disclosed Asset classes Equity Domicile Cayman Islands Domicile Not disclosed Domicile Not disclosed Domicile Cayman Islands

Fund name Convertible Opportunity Fund 6 Fund name Exane Templiers 6 Inception date 05/2009 Dedicated managed accounts AUM Inception date 03/2006 Dedicated managed accounts AUM AUM Not disclosed N/A AUM $1.3bn N/A Portfolio manager(s) Not disclosed Portfolio manager(s) Jean François Roussel, Strategy Convertible bonds 7a Stéphane Arrouays, Henri Daniel Samama 7a Asset classes Not disclosed UCITS-compliant hedge fund AUM Strategy Long/short equity (market neutral & UCITS-compliant hedge fund AUM Domicile Cayman Islands N/A fundamental) N/A Asset classes Not disclosed Fund name Polygon Recovery Fund Domicile Not disclosed Inception date 03/2011 AUM Not disclosed Fund name Exane Gulliver Portfolio manager(s) Not disclosed Inception date 10/2001 Strategy Multi-strategy AUM $925m Asset classes Not disclosed Portfolio manager(s) Frédéric Gourdeau, Domicile Cayman Islands Alexandre Dergatcheff Strategy Long/short equity (market neutral & Fund name Tetragon fundamental) Inception date 08/2005 Asset classes Not disclosed AUM Not disclosed Domicile Not disclosed Portfolio manager(s) Not disclosed Strategy Multi-strategy Fund name Exane Ceres Asset classes Not disclosed Inception date 02/2007 Domicile Guernsey AUM $746m Portfolio manager(s) Charles-Henry Nême Fund name LCM Strategy Long/short equity (market neutral & Inception date 08/2001 fundamental) AUM Not disclosed Asset classes Not disclosed Portfolio manager(s) Not disclosed Domicile Not disclosed Strategy US Loans Asset classes Not disclosed Fund name Exane Micromegas Domicile Not disclosed Inception date 07/2006 AUM $418m 6 Portfolio manager(s) Jérôme Poirel Dedicated managed accounts AUM Strategy Long/short equity (market neutral & $90m fundamental) Asset classes Not disclosed 7a Domicile Not disclosed UCITS-compliant hedge fund AUM N/A 6 Dedicated managed accounts AUM N/A

7a UCITS-compliant hedge fund AUM $5.5bn

7b UCITS-compliant funds Exane Gulliver Exane Micromegas Exane Templiers Exane Archimedes Exane Vauban Exane Ceres Exane Health Fund

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7 EUROPE50 IN ASSOCIATION WITH

20= 22 23 24= Marshall Wace Jabre Capital SEB Asset Aspect Capital Partners Management

1 1 1 1 Total AUM (as at 30.06.11) Total AUM (as at 30.06.11) Total AUM (as at 30.06.10) Total AUM (as at 30.06.11) $5.4bn $5.2bn $5.1bn (est) $5.0bn

2 2 2 2 2010 ranking 2010 ranking 2010 ranking 2010 ranking 22 19 32 24

3 3 3 3 Founded Founded Founded Founded 1997 2006 Not disclosed 1997

4 4 4 4 Founders/principals Founders/principals Founders/principals Founders/principals Ian Wace, Paul Marshall Philippe Jabre, Mark Cecil, Philippe Riachi Not disclosed Anthony Todd, Gavin Ferris, Kenneth Hope, Martin Lueck, John Wareham 5 5 5 Hedge fund(s) Hedge fund(s) Hedge fund(s) 5 Fund name MW Eureka Fund name JABCAP Multi Strategy Fund Fund name SEB Asset Selection Fund Hedge fund(s) Inception date 01/1998 Inception date 02/2007 Inception date Not disclosed Fund name The Aspect Diversified Fund AUM $1.6bn AUM Not disclosed AUM Not disclosed Inception date 15/12/1998 Portfolio manager(s) Paul Marshall Portfolio manager(s) Philippe Jabre Portfolio manager(s) Hans-Olov Bornemann AUM $993m Strategy Long/short equity Strategy Multi-strategy Strategy Systematic managed futures Portfolio manager(s) Aspect Capital Ltd Asset classes Equity Asset classes Multi-strategy Asset classes Not disclosed Strategy Systematic, managed futures Domicile Ireland Domicile Cayman Islands Domicile Not disclosed Asset classes Currencies: US Dollar, Euro, Australian Dollar, Japanese Yen, Sterling, Fund name MW Market Neutral TOPS Fund name JABCAP Global Convertible Fund Fund name SEB Räntehedge Alpha Swiss Franc Inception date 11/2007 Inception date 05/2007 Inception date Not disclosed Domicile Cayman Islands AUM $1.3bn AUM Not disclosed AUM Not disclosed Portfolio manager(s) Anthony Clake Portfolio manager(s) Philippe Jabre Portfolio manager(s) Stefan Daberius Fund name The Aspect Diversified Trends Strategy Equity market neutral Strategy Convertible bonds Strategy Fixed income, relative value Fund Asset classes Equity Asset classes Convertible bonds Asset classes Not disclosed Inception date 29/12/2010 Domicile Ireland Domicile Cayman Islands Domicile Not disclosed AUM $327m Portfolio manager(s) Aspect Capital Ltd Fund name MW Core Fund name JABCAP Global Balanced Fund Fund name SEB Hedge Fixed Income Strategy Systematic, managed futures Inception date 07/2002 Inception date 05/2007 Inception date Not disclosed Asset classes Currencies: US Dollar, Sterling, AUM $881m AUM Not disclosed AUM Not disclosed Euro, Swiss Franc, Swedish Krona Portfolio manager(s) Ernesto Fragomeni Portfolio manager(s) Philippe Jabre Portfolio manager(s) Stefan Daberius Domicile Ireland Strategy Long/short equity Strategy Global equities Strategy Fixed income, relative value Asset classes Equity Asset classes Global equities Asset classes Not disclosed 6 Domicile Ireland Domicile Cayman Islands Domicile Not disclosed Dedicated managed accounts AUM $3.7bn Fund name MW European TOPS Fund name JABCAP EMEA Fund 6 Inception date 07/2002 Inception date 10/2008 Dedicated managed accounts AUM 7a AUM $806m AUM Not disclosed N/A UCITS-compliant hedge fund AUM Portfolio manager(s) Anthony Clake Portfolio manager(s) Carl Tohme $327m Strategy Long/short equity Strategy Emerging markets 7a Asset classes Equity Asset classes Equities & bonds UCITS-compliant hedge fund AUM 7b Domicile Ireland Domicile Cayman Islands N/A UCITS-compliant funds The Aspect Diversified Trends Fund 6 Fund name JABCAP Event Driven Fund Dedicated managed accounts AUM Inception date 11/2010 Not disclosed AUM Not disclosed Portfolio manager(s) Ziad Tabet 7a Strategy Event driven UCITS-compliant hedge fund AUM Asset classes Equities $1.6bn Domicile Cayman Islands

6 Dedicated managed accounts AUM N/A

7a UCITS-compliant hedge fund AUM $1.5bn

7b UCITS-compliant funds Not disclosed

KEY

8 EUROPE50 IN ASSOCIATION WITH

24= 26 27 28 COMAC Capital Spinnaker Capital Arrowgrass HSBC Global Asset Management

1 1 1 1 Total AUM (as at 30.06.11) Total AUM (as at 30.06.11) Total AUM (as at 30.06.11) Total AUM (as at 30.06.11) $5.0bn $4.6bn $4.3bn $4.1bn

2 2 2 2 2010 ranking 2010 ranking 2010 ranking 2010 ranking 16 15 26 17

3 3 3 3 Founded Founded Founded Founded 2005 1999 2008 1973

4 4 4 4 Founders/principals Founders/principals Founders/principals Founders/principals Colm O'Shea Alexis Habib, Claude Marion Andrew Billett, Michael Chung, Peter John Flint, Chris Cheetham Darrell, Mike Edwards, Henry Kenner, Nick 5 5 Niell, Chris Wehbe 5 Hedge fund(s) Hedge fund(s) Hedge fund(s) Fund name COMAC Master Fund Limited Fund name Spinnaker Global Emerging 5 Fund name HSBC GIF Global Emerging Inception date 01/06/2006 Markets Fund Hedge fund(s) Market Debt Total Return AUM $4.8bn Inception date 12/2000 Fund name Arrowgrass Master Fund Inception date 01/11/1999 Portfolio manager(s) Colm O'Shea AUM $2.2bn Inception date 02/2008 AUM $1.2bn Strategy Global macro Portfolio manager(s) Alexis Habib, Claude AUM $4.0bn Portfolio manager(s) Guillermo Osses, Asset classes Not disclosed Marion Portfolio manager(s) Nick Niell Srinivas (Vas) Paruchuri, Marge Karner Domicile Cayman Islands Strategy Event driven, distressed, special Strategy Multi-strategy Strategy Global fixed income situation, macro Asset classes Not disclosed Asset classes Currencies, equity & equity- 6 Asset classes Not disclosed Domicile Not disclosed linked securities Dedicated managed accounts AUM Domicile British Virgin Islands Domicile Luxembourg N/A Fund name Arrowgrass Equity Focus Fund Fund name Spinnaker Global Opportunity Inception date 05/2009 Fund name HSBC Global Bond Market 7a Fund AUM $258m Neutral UCITS-compliant hedge fund AUM Inception date 02/2001 Portfolio manager(s) Andrew Billett Inception date 01/04/2009 N/A AUM $2.4bn Strategy European long/short AUM $1.1bn Portfolio manager(s) Alexis Habib, Claude Asset classes Not disclosed Portfolio manager(s) Luc Dumontier Marion Domicile Not disclosed Strategy Global fixed income Strategy Macro, event driven, distressed, Asset classes Bonds & currencies Domicile Luxembourg special situation Fund name Arrowgrass Distressed Asset classes Not disclosed Opportunities Fund Fund name HSBC Global Macro I Domicile British Virgin Islands Inception date 07/2008 Inception date 18/06/2007 AUM $106m AUM $876.8m 6 Portfolio manager(s) Michael Chung Portfolio manager(s) Jim Dunsford, Dedicated managed accounts AUM Strategy European-focused distressed Guillaume Rabault, William Chan, Joe Little, N/A Asset classes Not disclosed Benoit Bellone, Emmanuel Michaux Domicile Not disclosed Strategy Global multi-asset 7a Asset classes Multi-asset – cash, equities, UCITS-compliant hedge fund AUM Fund name Arrowgrass Vega Fund bonds & currencies N/A Inception date 09/2010 Domicile Luxembourg AUM $147m Portfolio manager(s) Chris Wehbe Fund name HSBC European Alpha Levered Strategy Global equity volatility Inception date 03/12/2007 Asset classes Not disclosed AUM $370.8m Domicile Not disclosed Portfolio manager(s) Michael O'Mara, Jakob Nordestedt Fund name Arrowgrass Pineapple Fund Strategy European equity (long/short) Inception date 07/2010 Asset classes Not disclosed AUM $23m Domicile Cayman Islands Portfolio manager(s) Nick Niell Strategy Illiquid investments Fund name HSBC India Alpha Asset classes Not disclosed Inception date 02/04/2007 Domicile Not disclosed AUM $163.7m Portfolio manager(s) Sanjiv Duggal, Viresh 6 Mehta, Nilang Mehta Dedicated managed accounts AUM Strategy Indian equity (long/short) N/A Asset classes Not disclosed Domicile Cayman Islands 7a UCITS-compliant hedge fund AUM 6 N/A Dedicated managed accounts AUM $55m

7a UCITS-compliant hedge fund AUM $2.3bn

7b UCITS-compliant funds HSBC GIF GEM Debt Total Return HSBC GIF Global Macro HSBC GIF Global Currency HSBC GIF Global Macro II HSBC GIF GEM Equity Absolute Return HSBC European Equity Absolute Return

KEY

9 EUROPE50 IN ASSOCIATION WITH

29 30 31 32 Pharo Management Egerton Capital Capital Fund Aquila Capital Management

1 1 1 1 Total AUM (as at 30.06.11) Total AUM (as at 30.06.11) Total AUM (as at 30.06.11) Total AUM (as at 30.06.11) $3.9bn (est) $3.8bn $3.7bn $3.4bn

2 2 2 2 2010 ranking 2010 ranking 2010 ranking 2010 ranking 28 31 29 35

3 3 3 3 Founded Founded Founded Founded 2000 1994 1991 2001

4 4 4 4 Founders/principals Founders/principals Founders/principals Founders/principals Guillaume Fonkenell, Michael Skarbinski, John Armitage Jean-Philippe Bouchaud, Marc Potters, Dr Dieter Rentsch, Roman Rosslenbroich Jeff Hanlon, Marcelo Castro Jacques Saulière, Philippe Jordan 5 5 5 Hedge fund(s) 5 Hedge fund(s) Hedge fund(s) Fund name Egerton Long/Short Fund Hedge fund(s) Fund name AC Risk Parity 7 Fund Fund name Pharo Trading Fund, Ltd. Inception date 1994 Fund name Stratus Inception date 2004 Inception date 12/2000 AUM Not disclosed Inception date 2003 AUM $1.1bn AUM $456.4m (est) Portfolio manager(s) John Armitage AUM $3.0bn Portfolio manager(s) Harold Heuschmidt, Portfolio manager(s) Guillaume Fonkenell Strategy Not disclosed Portfolio manager(s) Marc Potters Aquila Capital Quant Team Strategy Emerging market macro Asset classes Not disclosed Strategy Directional trading, equity Strategy Multi-asset risk parity Asset classes FX, credit, rates & equity Domicile British Virgin Islands statistical arbitrage, equity volatility Asset classes Commodities, bonds, equities Domicile Cayman Islands arbitrage, directional volatility Domicile Luxembourg Fund name Schroder GAIA Egerton European Asset classes Futures, cash bonds, spot FX, Fund name Pharo Macro Fund, Ltd. Equity equities, options Fund name AC Risk Parity 12 Fund Inception date 05/2005 Inception date 2009 Domicile British Virgin Islands/Delaware/ Inception date 2008 AUM $3.4bn (est) AUM Not disclosed Cayman Islands AUM $0.5bn Portfolio manager(s) Guillaume Fonkenell, Portfolio manager(s) John Armitage Portfolio manager(s) Harold Heuschmidt, Michael Skarbinski, Marcelo Castro and Strategy Not disclosed Fund name Discus Aquila Capital Quant Team team Asset classes Not disclosed Inception date 1991 Strategy Multi-asset risk parity Strategy Emerging market macro Domicile Luxembourg AUM $2.0bn Asset classes Commodities, bonds, equities Asset classes FX, credit, rates & equity Portfolio manager(s) Marc Potters Domicile Luxembourg Domicile Cayman Islands 6 Strategy Quantitative managed futures Dedicated managed accounts AUM Asset classes Futures, spot FX Fund name AC Dynamic Fund Fund name Pharo Gaia Fund, Ltd. N/A Domicile British Virgin Islands Inception date 2010 Inception date 12/2008 AUM $0.9bn AUM $38.3m (est) 7a 6 Portfolio manager(s) Team approach Portfolio manager(s) Guillaume Fonkenell UCITS-compliant hedge fund AUM Dedicated managed accounts AUM Strategy Multi-strategy and team N/A N/A Asset classes Trading across all major asset Strategy Emerging market macro classes Asset classes FX, credit, rates & equity 7a Domicile Luxembourg Domicile Cayman Islands UCITS-compliant hedge fund AUM N/A Fund name AC Spectrum Fund 6 Inception date 2010 Dedicated managed accounts AUM AUM $100m N/A Portfolio manager(s) Dr Jan Auspurg, Aquila Capital Quant Team 7a Strategy "Trend Plus" CTA UCITS-compliant hedge fund AUM Asset classes Stock index, bond, interest N/A rate, currency, commodity markets Domicile Luxembourg

Fund name AC Pharos Evolution Fund Inception date 2005 AUM $75m Portfolio manager(s) Andreas Iske Strategy CTA with short-term/systematic bias Asset classes Equity, bond, commodity markets Domicile Luxembourg

6 Dedicated managed accounts AUM $0.8bn

7a UCITS-compliant hedge fund AUM $2.6bn

7b UCITS-compliant funds AC Risk Parity Funds AC Spectrum Fund AC Branca Tactical Fund AC Pharos Evolution Fund

KEY

10 EUROPE50 IN ASSOCIATION WITH

33 34 35= 35= Insight Investment Odey Asset TT International M&G Management

1 1 1 1 Total AUM (as at 30.06.11) Total AUM (as at 30.06.11) Total AUM (as at 30.06.11) Total AUM (as at 30.06.11) $2.9bn $2.8bn $2.7bn $2.7bn

2 2 2 2 2010 ranking 2010 ranking 2010 ranking 2010 ranking N/A 41 39 38

3 3 3 3 Founded Founded Founded Founded 2002 1991 1988 2005

4 4 4 4 Founders/principals Founders/principals Founders/principals Founders/principals Not disclosed Crispin Odey Tim Tacchi Dave Fishwick

5 5 5 5 Hedge fund(s) Hedge fund(s) Hedge fund(s) Hedge fund(s) Fund name Absolute Insight Credit Fund Fund name Odey European Inc Fund name TT International Global Macro Fund name The Episode Fund Inception date 02/06/2009 Inception date 06/1992 Inception date 09/1989 Inception date 08/2005 AUM $954m AUM $1.6bn AUM $1.4bn AUM $648.2m Portfolio manager(s) Alex Veroude Portfolio manager(s) Crispin Odey Portfolio manager(s) Tim Tacchi Portfolio manager(s) Dave Fishwick Strategy Multi-strategy Strategy Equity long/short Strategy Global macro Strategy Global macro Asset classes Corporate debt, structured Asset classes Not disclosed Asset classes Not disclosed Asset classes Multi-assets credit, derivatives Domicile Not disclosed Domicile Not disclosed Domicile Grand Cayman Domicile Ireland Fund name OEI Mac Fund name TT Mid-Cap Europe Long/Short 6 Fund name Absolute Insight UK Equity Inception date 02/1994 Inception date 07/2004 Dedicated managed accounts AUM Market Neutral Fund AUM $753.3m AUM $773.5m $1.8bn Inception date 28/02/2007 Portfolio manager(s) Crispin Odey Portfolio manager(s) David Grimbley AUM $933.6m Strategy Equity long/short Strategy European mid-cap equities long/ 7a Portfolio manager(s) Andrew Cawker, Richard Asset classes Not disclosed short UCITS-compliant hedge fund AUM Howarth, Iain Brown, David Headland Domicile Not disclosed Asset classes Not disclosed $171m Strategy UK equities Domicile Not disclosed Asset classes Equities, equity derivatives, Fund name CF Odey UK Absolute Return 7b liquid/near-cash assets Inception date 05/2009 Fund name TT European Long/Short UCITS-compliant funds Domicile Ireland AUM $329.7m Inception date 09/2008 M&G Macro Episode Fund Portfolio manager(s) James Hanbury AUM $593.9m Fund name Absolute Insight Currency Fund Strategy Not disclosed Portfolio manager(s) Charles Roundell Inception date 28/02/2007 Asset classes Not disclosed Strategy European equities long/short AUM $619.7m Domicile Not disclosed Asset classes Not disclosed Portfolio manager(s) Dale Thomas, Max Wahl Domicile Not disclosed Strategy Global currency Fund name Giano Capital Asset classes Exchange rate instruments, Inception date 10/1994 Fund name TT Financials Long/Short liquid/near-cash assets AUM $62.6m Inception date 03/2006 Domicile Ireland Portfolio manager(s) Michele Ragazzi AUM $267.7m Strategy Equity long/short Portfolio manager(s) Mark Eady, Ben Steele Fund name Absolute Insight (multi-strategy) Asset classes Not disclosed Strategy Global financials equities long/ Fund Domicile Not disclosed short Inception date 28/02/2007 Asset classes Not disclosed AUM $536.8m 6 Domicile Not disclosed Portfolio manager(s) Reza Vishkai Dedicated managed accounts AUM Strategy Multi-strategy N/A Fund name TT Equity Macro Europe Asset classes UCITS III absolute return funds, Inception date 12/2010 liquid assets, money market instruments 7a AUM $136.2m Domicile UK UCITS-compliant hedge fund AUM Portfolio manager(s) Teun Draaisma $329.7m Strategy European equities long/short, Fund name Absolute Emerging Market Fund global macro Inception date 28/02/2007 7b Asset classes Not disclosed AUM $343.4m UCITS-compliant funds Domicile Not disclosed Portfolio manager(s) Colm McDonagh CF Odey UK Absolute Return Strategy Emerging markets 6 Asset classes Emerging market debt, Dedicated managed accounts AUM derivatives, interest rate, exchange rate N/A instruments Domicile Ireland 7a UCITS-compliant hedge fund AUM 6 $14.4m Dedicated managed accounts AUM N/A 7b UCITS-compliant funds 7a TT Financials UCITS Fund UCITS-compliant hedge fund AUM $2.9bn

7b UCITS-compliant funds Absolute Insight Credit Fund Absolute Insight Currency Fund Absolute Insight Emerging Market Debt Fund Absolute Insight UK Equity Market Neutral Fund

KEY

11 EUROPE50 IN ASSOCIATION WITH

37 38 39 40 Tyrus Capital IKOS Armajaro Asset BlueBay Asset Management Management

1 1 1 1 Total AUM (as at 30.06.11) Total AUM (as at 30.06.11) Total AUM (as at 30.06.11) Total AUM (as at 30.06.11) $2.5bn $2.3bn $2.2bn $2.0bn (est)

2 2 2 2 2010 ranking 2010 ranking 2010 ranking 2010 ranking 46 40 45 33

3 3 3 2 Founded Founded Founded Founded 2009 1991 2002 Not disclosed

4 4 4 3 Founders/principals Founders/principals Founders/principals Founders/principals Tony Chedraoui Elena Ambrosiadou Richard Gower, Anthony Ward, Harry Morley Hugh Willis, Mark Poole

5 5 5 4 Hedge fund(s) Hedge fund(s) Hedge fund(s) Hedge fund(s) Fund name Tyrus Capital Event Fund Fund name IKOS Futures Strategy Fund name Armajaro Commodities Fund Fund name BlueBay Value Recovery Fund Inception date Not disclosed Inception date Not disclosed Inception date Not disclosed Inception date Not disclosed AUM Not disclosed AUM Not disclosed AUM Not disclosed AUM Not disclosed Portfolio manager(s) Tony Chedraoui Portfolio manager(s) Not disclosed Portfolio manager(s) John Tilney Portfolio manager(s) Not disclosed Strategy Event driven Strategy Multi-strategy, systematic global Strategy Commodities Strategy Not disclosed Asset classes Not disclosed macro Asset classes Not disclosed Asset classes EUR Domicile Not disclosed Asset classes Not disclosed Domicile Not disclosed Domicile Not disclosed Domicile Not disclosed Fund name Tyrus Capital Opportunities Fund Fund name CC+ Fund Fund name BlueBay Value Recovery Fund Inception date Not disclosed Fund name IKOS FX Strategy Inception date Not disclosed Inception date Not disclosed AUM Not disclosed Inception date Not disclosed AUM Not disclosed AUM Not disclosed Portfolio manager(s) Not disclosed AUM Not disclosed Portfolio manager(s) Anthony Ward Portfolio manager(s) Not disclosed Strategy Not disclosed Portfolio manager(s) Not disclosed Strategy Global soft commodities Strategy Not disclosed Asset classes Not disclosed Strategy Systematic macro Asset classes Not disclosed Asset classes USD Domicile Not disclosed Asset classes Not disclosed Domicile Not disclosed Domicile Not disclosed Domicile Not disclosed 6 Fund name CZAR+ Fund Fund name BlueBay Multi-Strategy Fund Dedicated managed accounts AUM Fund name IKOS Hedge Strategy Inception date Not disclosed Inception date Not disclosed N/A Inception date Not disclosed AUM Not disclosed AUM Not disclosed AUM Not disclosed Portfolio manager(s) Desmond Monteith Portfolio manager(s) Not disclosed 7a Portfolio manager(s) Not disclosed Strategy Sugar, biofuels and biofuel Strategy Not disclosed UCITS-compliant hedge fund AUM Strategy Multi-strategy feedstock markets Asset classes Not disclosed N/A Asset classes Not disclosed Asset classes Not disclosed Domicile Not disclosed Domicile Not disclosed Domicile Not disclosed Fund name BlueBay Multi-Strategy Fund 6 Fund name Armajaro STS Commodities Fund PLUS Dedicated managed accounts AUM Inception date Not disclosed Inception date Not disclosed N/A AUM Not disclosed AUM Not disclosed Portfolio manager(s) Will Griffin Portfolio manager(s) Not disclosed 7a Strategy Systematic trend following Strategy Not disclosed UCITS-compliant hedge fund AUM Asset classes Not disclosed Asset classes Not disclosed Not disclosed Domicile Not disclosed Domicile Not disclosed

7b Fund name Armajaro Emerging Markets Fund name BlueBay Macro Fund UCITS-compliant funds Fund Inception date Not disclosed DB Platinum IV IKOS FX Fund Inception date Not disclosed AUM Not disclosed AUM Not disclosed Portfolio manager(s) Not disclosed Portfolio manager(s) Michel Danechi Strategy Not disclosed Strategy Emerging market equities, Asset classes Not disclosed derivatives and fixed income Domicile Not disclosed Asset classes Not disclosed Domicile Not disclosed 5 Dedicated managed accounts AUM Fund name Armajaro Natural Resources N/A Fund Inception date Not disclosed 6 AUM Not disclosed Managed accounts platforms AUM Portfolio manager(s) Nick Glinsman N/A Strategy Commodity-related equities and currencies 7a Asset classes Not disclosed UCITS-compliant hedge fund AUM Domicile Not disclosed N/A

6 Dedicated managed accounts AUM N/A

7a UCITS-compliant hedge fund AUM N/A

KEY

12 EUROPE50 IN ASSOCIATION WITH

41 42 43= 43= Boussard & Ecofin Finisterre Capital BlueGold Capital Gavaudan Management

1 1 1 1 Total AUM (as at 30.06.11) Total AUM (as at 30.06.11) Total AUM (as at 30.06.11) Total AUM (as at 30.06.11) $1.9bn $1.8bn $1.7bn $1.7bn

2 2 2 2 2010 ranking 2010 ranking 2010 ranking 2010 ranking 49 42 N/A N/A

3 3 3 3 Founded Founded Founded Founded 2002 Not disclosed 2002 2007

4 4 4 4 Founders/principals Founders/principals Founders/principals Founders/principals Emmanuel Boussard, Emmanuel Gavaudan Bernard Lambilliotte, John Murray, Vincent Paul Crean, Frode Foss-Skiftesvik, Yan Pierre Andurand, Dennis Crema Barnouin Swiderski, Rafael Biosse Duplan, Xavier 5 Corin-Mick 5 Hedge fund(s) 5 Hedge fund(s) Fund name Boussard & Gavaudan Fund plc Hedge fund(s) 5 Fund name BlueGold Global Fund LP Inception date 03/03/2003 Fund name Ecofin Special Situations Hedge fund(s) Inception date Not disclosed AUM $1.9bn Utilities Fund Fund name Finisterre Global Opportunity AUM $1.5bn Portfolio manager(s) Emmanuel Boussard, Inception date Not disclosed Fund Portfolio manager(s) Pierre Andurand, Emmanuel Gavaudan AUM Not disclosed Inception date 04/2006 Dennis Crema Strategy Multi-strategy Portfolio manager(s) Not disclosed AUM $1.1bn Strategy Commodities Asset classes Not disclosed Strategy Long/short equity Portfolio manager(s) Yan Swiderski, Devin Asset classes Not disclosed Domicile Ireland Asset classes Not disclosed Lo, Guillaume Menebe, Max Safonov Domicile Cayman Islands Domicile Not disclosed Strategy Emerging markets long/short 6 Asset classes Top-down macro / multi- 6 Dedicated managed accounts AUM Fund name Ecofin Global Utilities Hedge strategy Dedicated managed accounts AUM N/A Fund Domicile Cayman Islands N/A Inception date Not disclosed 7a AUM Not disclosed Fund name Finisterre Sovereign Debt Fund 7a UCITS-compliant hedge fund AUM Portfolio manager(s) Not disclosed Inception date 04/2003 UCITS-compliant hedge fund AUM N/A Strategy Long/short equity AUM $395.4m N/A Asset classes Not disclosed Portfolio manager(s) Paul Crean, Xavier Domicile Not disclosed Corin-Mick Strategy Emerging markets debt long/short Fund name Ecofin North American Utilities Asset classes Top-down macro, liquid Hedge Fund instruments (external soverign debt & FX) Inception date Not disclosed Domicile Cayman Islands AUM Not disclosed Portfolio manager(s) Not disclosed Fund name Finisterre Credit Fund Strategy Long/short equity Inception date 07/2007 Asset classes Not disclosed AUM $227.6m Domicile Not disclosed Portfolio manager(s) Rafael Biosse-Duplan, Alex Williamson, Rahul Sharma Fund name Ecofin China Power & Strategy Emerging markets debt long/short Infrastructure Fund Asset classes Bottom-up corporate debt Inception date Not disclosed Domicile Cayman Islands AUM Not disclosed Portfolio manager(s) Not disclosed 6 Strategy Long/short equity Dedicated managed accounts AUM Asset classes Not disclosed N/A Domicile Not disclosed 7a Fund name Ecofin Global Long/Short Fund UCITS-compliant hedge fund AUM Inception date Not disclosed N/A AUM Not disclosed Portfolio manager(s) Not disclosed Strategy Long/short equity Asset classes Not disclosed Domicile Not disclosed

6 Dedicated managed accounts AUM N/A

7a UCITS-compliant hedge fund AUM Not disclosed

7b UCITS-compliant funds Ecofin Global Long/Short Fund

KEY

13 EUROPE50 IN ASSOCIATION WITH

45 46= 46= 48= Toscafund Altis Partners Algebris GLC (Jersey) Limited Investments

1 1 1 1 Total AUM (as at 30.06.11) Total AUM (as at 30.06.11) Total AUM (as at 30.06.11) Total AUM (as at 30.06.11) $1.6bn $1.4bn $1.4bn $1.1bn

2 2 2 2 2010 ranking 2010 ranking 2010 ranking 2010 ranking 42 50 N/A 47

3 3 3 3 Founded Founded Founded Founded 2000 2000 2007 1992

4 4 4 4 Founders/principals Founders/principals Founders/principals Founders/principals Martin Hughes Zbigniew Hermaszewski, Stephen Eric Halet, Davide Serra Lawrence Staden, Steven Bell Hedgecock, Alex Brunwin and Natasha 5 Reeve-Gray 5 5 Hedge fund(s) Hedge fund(s) Hedge fund(s) Fund name Tosca 5 Fund name Algebris Global Financials Fund Fund name GLC Global Macro Programme Inception date 10/2000 Hedge fund(s) Inception date Not disclosed Inception date 04/2006 AUM Not disclosed Fund name Altis Global Futures Portfolio AUM Not disclosed AUM $560m Portfolio manager(s) Johnny de la Hey Inception date 07/2001 Portfolio manager(s) Not disclosed Portfolio manager(s) Steven Bell, Aston Strategy Global financials AUM $1.4bn (est) Strategy Not disclosed Chan Asset classes Long/short equity Portfolio manager(s) Zbigniew Asset classes Not disclosed Strategy Global macro Domicile Cayman Islands Hermaszewski, Stephen Hedgecock, Alex Domicile Not disclosed Asset classes Exchange-traded futures, Brunwin and Natasha Reeve-Gray options and FX Fund name Tosca MidCap Strategy Diversified systematic managed Fund name Algebris Emerging Markets Domicile Bermuda Inception date 02/2008 futures Financials Fund AUM Not disclosed Asset classes Exchange-traded futures Inception date Not disclosed Fund name GLC Gestalt Programme Portfolio manager(s) Martin Hughes Domicile Jersey, Channel Islands AUM Not disclosed Inception date 06/1999 Strategy European mid-cap Portfolio manager(s) Not disclosed AUM $310m Asset classes Long/short equity Fund name Altis Global Commodities Strategy Not disclosed Portfolio manager(s) Lawrence Staden, Iain Domicile Cayman Islands Portfolio Asset classes Not disclosed Bratchie, Stuart Theakston Inception date 04/2006 Domicile Not disclosed Strategy Statistical arbitrage Fund name Tosca Opportunity AUM $10.5m (est) Asset classes European and US equities Inception date 05/2005 Portfolio manager(s) Zbigniew Fund name Algebris Financial CoCo Fund Domicile Bermuda AUM Not disclosed Hermaszewski, Stephen Hedgecock, Alex Inception date Not disclosed Portfolio manager(s) Martin Hughes Brunwin and Natasha Reeve-Gray AUM Not disclosed Fund name GLC Directional Programme Strategy Event driven Strategy Commodity systematic managed Portfolio manager(s) Not disclosed Inception date 10/2004 Asset classes Long/short equity futures Strategy Not disclosed AUM $158m Domicile Cayman Islands Asset classes Exchange-traded futures Asset classes Not disclosed Portfolio manager(s) Lawrence Staden, Iain Domicile Jersey, Channel Islands Domicile Not disclosed Bratchie Fund name Tosca Emerging Markets Strategy Managed futures Inception date 02/2007 6 6 Asset classes Exchange-traded futures, AUM Not disclosed Dedicated managed accounts AUM Dedicated managed accounts AUM options and FX Portfolio manager(s) Alain Bourrier $1.4bn N/A Domicile Bermuda Strategy Global emerging markets Asset classes Long/short equity 7a 7a 6 Domicile Cayman Islands UCITS-compliant hedge fund AUM UCITS-compliant hedge fund AUM Dedicated managed accounts AUM N/A Not disclosed N/A Fund name Tosca Mid-Cap Equity UCITS Inception date 05/2010 7b 7a AUM Not disclosed UCITS-compliant funds UCITS-compliant hedge fund AUM Portfolio manager(s) Martin Hughes MS Algebris Global Financials UCITS Fund N/A Strategy European mid-cap Asset classes Long/short equity Domicile UCITS

6 Dedicated managed accounts AUM N/A

7a UCITS-compliant hedge fund AUM Not disclosed

7b UCITS-compliant funds Tosca MidCap

KEY

14 EUROPE50 IN ASSOCIATION WITH

48= 50 Conservative Concept RWC Partners Portfolio Management

1 1 Total AUM (as at 30.06.11) Total AUM (as at 30.06.11) $1.1bn $1.0bn

2 2 2010 ranking 2010 ranking N/A N/A

3 3 Founded Founded 1991 Not disclosed

4 4 Founders/principals Founders/principals Hans Metzler, Thomas Wiegelmann, Maik Not disclosed Kaminski 5 5 Hedge fund(s) Hedge fund(s) Fund name RWC Biltmore Fund Fund name CC Athena OS Fund Inception date 01/10/2009 Inception date 02/2005 AUM $37.6m AUM $13.8m Portfolio manager(s) Mike Corcell Portfolio manager(s) Maik Kaminski, Steffen Strategy Long/short equity Kern, Horst Gerstner Asset classes EUR, USD, GBP Strategy Equity market neutral, volatility Domicile Cayman Islands trading 5 Asset classes Equity indices Fund name RWC Pilgrim Fund EUROPE 0 Domicile Cayman Islands Inception date 27/10/2000 AUM $39.1m Fund name Athena UI (UCITS III) Portfolio manager(s) John Innes Europe’s largest single Inception date 22/06/2008 Strategy Long/short equity AUM $492.8m Asset classes EUR, USD, GBP Portfolio manager(s) Maik Kaminski, Steffen Domicile Cayman Islands managers ranked by AUM Kern, Horst Gerstner Strategy Equity market neutral, volatility Fund name RWC Samsara Fund trading Inception date 18/09/2007 Asset classes Equity indices AUM $258.8m Domicile Germany Portfolio manager(s) Ajay Gambhir Strategy Long/short equity, derivatives Available to download at Fund name Time Alpha UI (UCITS III) Asset classes EUR, USD, GBP Inception date 28/07/2009 Domicile Cayman Islands www.thehedgefundjournal.com AUM $133.6m Portfolio manager(s) Maik Kaminski, Steffen 6 Kern, Horst Gerstner Dedicated managed accounts AUM Strategy Multi-strategy N/A Asset classes Equity indices Domicile Germany 7a UCITS-compliant hedge fund AUM 6 Not disclosed Dedicated managed accounts AUM $492.8m 7b UCITS-compliant funds 7a RWC Cautious ARC Fund UCITS-compliant hedge fund AUM RWC Enhanced ARC Fund $626.4m RWC Enhanced Income Fund RWC Europe Absolute Alpha Fund 7b RWC Global Convertibles Fund UCITS-compliant funds RWC Global Growth Absolute Alpha Fund Not disclosed RWC Income Opportunities Fund RWC UK Focus Fund RWC US Absolute Alpha Fund

KEY